The UK Has Promised New Legislation To Promote And Seize Cryptocurrency.

This year, the UK will implement legislation to regulate the crypto business and ensure that ransomware profits can be seized by authorities.

In the wake of Britain’s exit from the European Union, Prince Charles, the heir to the throne, formally opened the new session of parliament with the government’s legislative program and announced a new financial services law to “cut red tape” in the sector, as well as a long-awaited bill on fighting economic crime.

The Queen’s Speech, which is traditionally delivered by the 96-year-old monarch, was unable to take part owing to “episodic mobility problems.”

A government document released Tuesday with the speech stated that one new rule intends to “support the safe adoption of cryptocurrencies.”. A separate Economic Crime and Corporate Transparency Bill will create “powers to more quickly and easily seize and recover crypto assets, which are the principal medium used for ransomware.”

For individuals who cannot be prosecuted criminally, a civil forfeiture power will be available.

Financial services minister John Glen announced plans in April to issue a government-backed non-fungible token (NFT), regulate stablecoins, and turn the United Kingdom into a crypto powerhouse. The invasion of Ukraine by Russia has added to the pressure to stem the flow of illicit funds into the country.

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