The United Kingdom Government might be working out ways for safe adoption of cryptocurrencies to birth a new era.
According to local media outlet the Guardian, the Queen was unable to attend the state opening of parliament. Rather, she was represented by Prince Charles. He read out the Queens speech for the first time to both Houses of Parliament. In this, he stated that new regulations will be introduced to strengthen its financial service sector.
Presented as the Financial Services and Markets Bill, Prince Charles stated that the bill will aim to “maintain and promote the UK’s position as a global leader in financial services, whiles also ensuring the sector continues to deliver for individuals and businesses across the country.” The new legislation will no doubt create a competitive marketplace for several industry players. It will also create an avenue for efficient utilization of capital.
Aim
The new law aims at “supporting the safe adoption of crypto currencies”. A separate Economic Crime and Corporate Transparency Bill will create “powers to more quickly and easily seize and recover cryptocurrency assets, which are the principal medium used for ransomware”. There will also be a civil forfeiture power for those who cannot be criminally prosecuted.
Although the administration, through the Bank of England (BoE), believes the asset class is speculative and has no link to money. However, with the latest Queen’s prompting, the bank may be forced to explore and propound on the good opportunities the payment ecosystem stands to benefit from providing support for the cryptocurrencies.
The speech however shows heavy indication that the government will act on the directives. It could do so by “revoking retained EU law on financial services and replacing it with a regulation that is designed for the UK,” while also creating “additional protections for those investing or using financial products, to make it safer and support the victims of scams.”
What do you think the future holds for Crypto assets globally and in the UK ?
more image credits : bmmagazine.
To Sum Up,
Cryptocurrencies have certainly taken the world by storm and it’s no surprise to see countries adopting them. Even Africa has not been spared of this ‘crypofestation’.
Even Central African Republic adopts bitcoin as legal tender. Lawmakers also agreed that the coin will operate in correlation with the CFA franc.
