The UK has introduced two bills with regards to the seizure of and support for cryptocurrencies as part of Prince Charles’ remarks at the State Opening of Parliament due to the Queens absence.
The government said that it will address crypto regulation in the country with the introduction of the Financial Services, Markets Bill and the Economic Crime and Corporate Transparency Bill.
The former aims to reinforce the country’s financial services industry through the safe implementation of cryptocurrencies. According to the proposed financial services law, the measure will cut the red tape in the financial sector in an effort to attract investors to the United Kingdom.
The crime bill proposed is set to create powers to more quickly and easily seize and recover crypto assets there by mitigating risks for individuals targeted by ransomware attacks.
The said Queen’s speech followed the United Kingdom’s Economic and Finance Ministry declaring in April it planned to take the required legislative steps to bring stablecoins into its regulatory framework as part of a measures aimed at integrating crypto assets and blockchain technology.
