The United Kingdom (UK) has tabled two legislation dealing with the confiscation and support of cryptocurrencies. The law will govern the cryptocurrency business and ensure that regulators can recover ransomware proceeds. This was a clear message from Prince Charles at the State Opening of the UK Parliament.
According to a Tuesday published from the Prime Minister’s Office, the administration stated it would handle crypto legislation in the nation by adopting the Financial Services and Markets Bill and the Economic Crime and Corporate Transparency Bill.
The leader wants to enhance the nation’s monetary services economy, primarily through “safe cryptocurrency adoption.” According to the proposal, the draft financial services bill will “[reduce] red tape in the financial docket” to lure business society to the United Kingdom.
Legislation to create a conducive investment environment
In the wake of Britain’s exit from the European Union, Prince Charles, the heir to the throne, said the government’s legislative program would come in handy to assure investors the working environment was good. The Queen’s Speech, which the 96-year-old monarch traditionally delivers, was unable to participate due to “episodic movement issues.”
The crime bill recommended “establishing authorities to seize and reclaim crypto-assets” to reduce the likelihood of ransomware attacks. The newspaper assessed the social and economic consequences of financial crimes at £8.4 billion per year and over $10.3 billion. An asset seizure power will be available for individuals who cannot be pursued criminally.
The Queen’s address came after the UK’s Economic and Finance Department announced in April that it would “take the appropriate regulatory steps” to incorporate stablecoins into its legislative structure as part of a “package of measures” to incorporate digital currencies and blockchain technology.
Crypto businesses have also been urged by the Financial Conduct Authority and the Bank of England to execute the sanctions placed on Russia following the military occupation of Ukraine.
Uk residents are investing in crypto
The legislation is coming when there is an increase in crypto adoption in the UK. According to a Coinbase research article conducted by Qualtrics, Brits increasingly buy cryptocurrencies.
The significant conclusions show that 33% of British citizens possess cryptocurrency, up 29% in October 2021. Moreover, over half of those polled (61%) want to raise their shares in the coming year.
As per Danny Scott, CEO of CoinCorner, the UK’s leading Trading platform, the figures “look abnormally high.” “The retail economy is facing a cooling period,” Scott remarked.
As per Statista, cryptocurrency uptake in the United Kingdom is significantly lower at 7%.
Instead of seeing this as a drawback,
Scott adds,
We ought to see it as a moment to rest and prepare the foundation for another wave.
Bitcoin, in fact, recently passed the midway mark on its path to the second halving. According to Coinbase research, Btc is now the most widely held cryptocurrency in the United Kingdom, making it the king of crypto. Ethereum (ETH) is owned by 52% of those polled, followed by Dogecoin (DOGE) at 34%
Not only the retail market in the United Kingdom is keen on cryptocurrency: Her Majesty’s Treasury looks to be staying with it despite the lackluster Bitcoin stock prices. In April, amid debate over stablecoin legislation in the United Kingdom, HM Treasury announced its intention to create a royal NFT by the summer.
UK as a worldwide crypto-asset innovation hub
The UK is eager to establish itself as a worldwide hub for crypto-asset innovation and commerce. The state had earlier indicated that stablecoins would be recognized as a viable form of payment.
Recognizing the possibility of this new tech and regulating it now allows the government to guarantee financial steadiness and high guidelines, allowing these new techs to be used consistently and safely.
This is a positive step for the UK fintech sector, as it will provide the country a fair chance to maintain its framework for financial products. It also signals a shift in the crypto industry’s importance.