UK introduced 2 bills to regulate crypto

Many countries are preparing to bring cryptocurrencies under the law. In this episode, two bills related to the crypto industry have been introduced in Britain. One of these bills aims to make the use of cryptocurrencies safe and the other is to empower the government to seize and recover crypto assets. The British government laid out the legislative agenda for the next parliamentary year in the Queen’s Speech. The speech was read out by Prince Charles as it was the first time the Queen could not attend the event.

The Financial Services and Markets Bill aims to strengthen the UK’s position as a leader in financial services. This will ensure that the sector continues to meet the needs of businesses and people in the UK. The ‘Economic Crime and Corporate Transparency Bill’ has been introduced to curb the increasing cases of scams and thefts related to cryptocurrencies. According to the Queen’s speech, “a bill will be introduced to strengthen powers to combat illicit finance, reduce financial crimes and help businesses grow.”

The power to confiscate crypto assets will reduce the risk from people who cannot be criminally prosecuted but who use their funds to commit crimes. In the speech, along with the emphasis on the economy, the need to reduce inflation was also mentioned. The Bank of England will take measures to stay on target for inflation.

A bill to create a Blockchain and Digital Innovation Task Force was passed in the US state of Utah earlier this month. With this, Utah will be able to suggest policy-related actions to the US government. The bill has been passed after talks about setting up a task force began nearly three years ago. The objective of the task force is to consider and implement policy suggestions to advance blockchain, digital innovation and financial technology in the state. The task force will consist of 20 members specializing in crypto, blockchain and financial technology. The task force must submit its report to the State Senate’s Legislative Management Committee and the Business and Labor Interim Committee by the end of November each year.