UK Government outlined plans to support crypto adoption

The UK government included crypto adoption as one of its commitments for the next parliamentary year in the Queen’s speech delivered on May 10 by Prince Charles. Prince Charles delineated the plans of the UK government to support the safe adoption of cryptocurrencies in addition to developing powers for seizing more quickly and easily recovering crypto assets. The top priorities of the government includedGrowth of the economy, safer streets and supporting the NHS to clear the COVID-19 backlogs.

Prince Charles enlisted a total of 22 bills that will be introduced for development of various sectors. Among these, the UK government prioritizes economic growth across the country to address the cost of living, and enable for more people to have high-wage, high-skill jobs. The various bills pertaining to

cryptocurrency adoption

and regulation are the following :

- The Financial Services and Markets Bill aims to maintain and improve the UK's stature and position as an international leader in financial services and for seizing the benefits of Brexit.
+ The bill also aims to harness the opportunities of innovative technologies in financial services, including supporting the safe adoption of cryptocurrencies and resilient outsourcing to technology providers.
- The second bill, Draft Digital Markets, Competition and Consumer Bill will also seek to create new competition rules for digital markets and the largest digital firms.
- Another bill that included cryptocurrencies is the Economic Crime and Corporate Transparency Bill which aims to keep a check and prevent the kleptocrats, criminals, and terrorists from taking advantage and exploiting the country’s open economy.
+ This will also ensure to curb the growth of illicit money in the country and strengthen its reputation as a place where legitimate businesses can grow.
+ The bill will also help to create powers to more quickly and easily seize and recover crypto assets, which have been recognized in the bill as an important medium used for ransomware.

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