British Government Wants “Safe Adoption of Cryptocurrencies”

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  • The British government has reiterated its desire for the “safe adoption of cryptocurrencies”
  • Prince Charles revealed the plans in the Queen’s Speech yesterday
  • Chancellor Rishi Sunak said in April that he wanted the UK to become a “cryptoasset hub”

Prince Charles yesterday laid out the UK’s legislative agenda for the next parliamentary year, which included the “safe adoption of cryptocurrencies”. The address, which is known as the Queen’s Speech and is given every year, was given by the Queen’s son, Prince Charles, after the 96-year-old monarch was unable to attend due to mobility issues. Among the 22 bills the government plans to introduce were some that referred to the government’s intended adoption of crypto among other fintech investments, as well as greater powers to seize crypto from suspected lawbreakers.

UK Government Strengthens Crypto Push

The UK government had already surprised crypto fans in the country when chancellor Rishi Sunak last month announced that it wanted the UK to become a “global cryptoasset hub” at the same time as the country’s financial watchdog, the Financial Conduct Authority, was doing all it could to stop citizens from getting involved in the crypto market.

Sunak’s ambitions have now been made even more concrete after the Queen’s Speech, which referenced the forthcoming Financial Services and Markets Bill, which included “Harnessing the opportunities of innovative technologies in financial services, including supporting the safe adoption of cryptocurrencies and resilient outsourcing to technology providers.”

Greater Crypto Seizure Powers Planned

This wasn’t the only mention of cryptocurrencies, with the Economic Crime and Corporate Transparency Bill aiming to “crack down on the kleptocrats, criminals, and terrorists who abuse our open economy, ensuring we drive out dirty money from the U.K.” by “Creating powers to more quickly and easily seize and recover crypto assets, which are the principal medium used for ransomware.”

Such a move is not a surprise for a country that wants to grow its cryptocurrency usage, and Brits can only hope that any new powers are wielded responsibly.