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The UK government has been targeting cryptocurrencies on its latest legislative agenda

The UK government has been targeting cryptocurrencies on its latest legislative agenda

Introducing two bills related to the confiscation and support of cryptocurrencies as part of Prince Charles’ remarks at the state opening ceremony of the British Parliament.

In a Tuesday (10/05) release by the Office of the Prime Minister of the United Kingdom, the Government he said It will address the regulation of cryptocurrencies in the country with the introduction of financial services and markets law and the Economic Crimes and Corporate Transparency Act. The first objective is to strengthen the financial services sector of the country by supporting the “secure adoption of cryptocurrencies”. Action under the proposed Financial Services Act “[reduzirá] Bureaucracy in the financial sector ”in an attempt to attract investors to the UK.

The criminal bill proposes to “empower people to seize and recover cryptocurrency quickly and easily” to reduce the risks to individuals targeted by ransomware attacks. The social and economic costs of financial crime are estimated at 8. 8.4 billion a year – more than $ 10.3 billion at the time of its publication.

Queen Elizabeth II was unable to attend after 1963, and the parliament was reopened on Tuesday due to traffic problems. But, the Prime Minister’s Office is still there Referred to To the legislative agenda of referring to economic problems, crime, ongoing epidemics and leadership as the “Queen’s Speech”. Prince William and the Duchess of Cornwall also attended.

In support of the Queen, the Prince of Wales, the Duchess of Cornwall and the Duke of Cambridge attended the opening ceremony of Parliament at the House of Lords this morning. pic.twitter.com/oQN00jTVij

– Prince of Wales and Duchess of Cornwall (laClarenceHouse) May 10, 2022

The Queen’s speech follows the UK Ministry of Economy and Finance’s announcement in April that it intends to “take the necessary legal action” to bring staplecoins into its regulatory framework as part of a “set of measures” aimed at integrating crypto assets and blockchain technology. . The Financial Conduct Commission and the Bank of England have called on cryptocurrency companies to implement sanctions imposed on Russia following the invasion of Ukraine.

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