Share this article
Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars
UK Promises New Laws to Promote, Seize Crypto
Prince Charles promised laws on economic crime and financial services as he introduced the government's legislative agenda at the formal opening of a new session of Parliament.
The U.K. will introduce legislation this year to regulate the crypto industry and ensure the profits of ransomware can be seized by the authorities.
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 in the wake of Britain's exit from the European Union, alongside a long-awaited bill on fighting economic crime. The agenda, known as the Queen's Speech, is usually presented by the 96-year-old monarch, who was unable to participate due to "episodic mobility problems."
STORY CONTINUES BELOW
One new law aims at "supporting the safe adoption of cryptocurrencies," a government briefing published Tuesday alongside the speech said. 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."
There will also be a civil forfeiture power for those who cannot be criminally prosecuted.
Financial services minister, John Glen, in April unveiled a suite of measures to issue a state-backed non-fungible token (NFT), regulate stablecoins and make the U.K. a crypto hub. Russia's invasion of Ukraine has also increased the pressure to tackle the flow of dirty money into the country.
Jack Schickler
Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He previously wrote about financial regulation for news site MLex, before which he was a speechwriter and policy analyst at the European Commission and the U.K. Treasury. He doesn’t own any crypto.
More For You
Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
