UK unveils new law to support crypto

11 May 2022

The UK government is planning to support crypto adoption and create “powers to more quickly and easily seize and recover crypto assets.”  

Whilst delivering the Queen’s Speech on Tuesday, Prince Charles outlined the government’s plans for the upcoming parliamentary year.

Prince Charles stated that 22 bills will be introduced, and the government’s “priority is to grow and strengthen the economy and help ease the cost of living for families.” One such bill is the Financial Services and Markets Bill, the purpose of which is to “maintain and enhance the UK’s position as a global leader in financial services” and “seize the benefits of Brexit,” according to the government website.

One of the principal advantages of this bill is: “Harnessing the opportunities of innovative technologies in financial services, including supporting the safe adoption of cryptocurrencies and resilient outsourcing to technology providers,” reports Bitcoin.com.

Another one of the 22 planned bills within the government’s legislative agenda is the Economic Crime and Corporate Transparency Bill. The main aim of this bill is to “crack down on the kleptocrats, criminals, and terrorists who abuse our open economy, ensuring we drive out dirty money from the UK.” 

One of the main elements of the bill is: “Creating powers to more quickly and easily seize and recover crypto assets, which are the principal medium used for ransomware.” 

Back in April, financial services minister, John Glen announced a number of measures to issue a state-backed non-fungible token (NFT), regulate stablecoins and make the UK a crypto hub, CoinDesk reports.