Help with my assignment!
Read Time:2 Minute, 2 Second

Delivering the Queen’s Speech, Prince Charles outlines the British government’s plans to support the safe adoption of cryptocurrencies and create “powers to more quickly and easily seize and recover crypto assets.”

UK Government Plans to Support Crypto Adoption

The U.K. government outlined its legislative agenda for the next parliamentary year in the Queen’s Speech delivered Tuesday by Prince Charles, the monarch’s son and first in line to the throne. The Queen’s Speech is written by the government and read out by the monarch as part of the official state opening of parliament.

Speaking to both the House of Lords and the House of Commons, Prince Charles detailed numerous commitments that Her Majesty’s government will carry out. He mentioned that 22 bills will be introduced, telling parliament that the government’s “priority is to grow and strengthen the economy and help ease the cost of living for families.”

One of the bills is the “Financial Services and Markets Bill,” according to the background and briefing notes of the Queen’s Speech posted on the government’s website. The purpose of this bill is to “maintain and enhance the U.K.’s position as a global leader in financial services” and “seize the benefits of Brexit,” the document details.

Among the benefits 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.

Bill to Create More Powers to Seize, Recover Crypto Assets

Another bill Prince Charles highlighted that mentioned cryptocurrency is the “Economic Crime and Corporate Transparency Bill.” This bill aims to “crack down on the kleptocrats, criminals, and terrorists who abuse our open economy, ensuring we drive out dirty money from the U.K.”

Among the 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.

“The creation of a civil forfeiture power will mitigate the risk posed by those who cannot be criminally prosecuted but use their funds to further criminality,” the Queen’s Speech briefing note describes.

What do you think about the British government’s plans to support crypto adoption? Let us know in the comments section below.

One thought on “UK Outlines Plans to Support Crypto Adoption, Create More Powers to Seize and Recover Digital Assets

  1. By now you've likely seen the theory that Citadel is to blame for the depegging of UST. Most will likely chalk this up to a conspiracy theory but after having seen the manipulation Citadel is capable of from a certain stonk over the last year and a half I honestly personally 100% believe the theory. In the last couple months Ken Griffin was already in the news talking about essentially becoming a market maker for the crypto markets.

    They are already experts at profiting off of destroying companies on the US market through criminal means even in a regulated market so if you don't think they could do so in an unregulated crypto market you are naive. Heed my words, they are looking to be top dogs in the crypto markets to make manipulation even easier for them, this is just the beginning. If they become “market makers” in the crypto markets then anyone who's long on their coins should be worried. If you personally don't believe the theory that's fine but you can't argue that's it's not certainly plausible if you've done any DD on Citadel.

    For those who are not familiar with the theory yet here's a quick ELI5

    Citadel borrows 100k BTC Trades 25k BTC for UST Opens a short Starts dumping 75k BTC aggressively Once BTC reached 30k they started dumping UST to make it lose its peg Now Kwon is forced to sell 25k BTC at a major loss to recover the peg, further dumping the price of BTC Meanwhile Citadel is shorting all the way

Leave a Reply

Your email address will not be published.

  • bitcoinBitcoin (BTC) $ 19,969.67
  • ethereumEthereum (ETH) $ 1,349.36
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 291.51
  • usd-coinUSD Coin (USDC) $ 1.00
  • xrpXRP (XRP) $ 0.469407
  • binance-usdBinance USD (BUSD) $ 1.00
  • cardanoCardano (ADA) $ 0.432506
  • solanaSolana (SOL) $ 33.62
  • dogecoinDogecoin (DOGE) $ 0.060765