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UK government reveals plans for new crypto laws

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Earlier today, Prince Charles, in lieu of his mother, opened a new session of the UK parliament by reading the “Queen’s Speech”. The heir to the British throne revealed that there are two upcoming bills that will have an impact on the use of cryptocurrency in the UK:

  • The Financial Services and Markets Bill and
  • The Economic Crime and Corporate Transparency Bill

Charles said that the “new legislation will strengthen the United Kingdom’s financial services industry” as well as “further strengthen powers to tackle illicit finance, reduce economic crime and help businesses grow“.

While cryptocurrency was not mentioned explicitly in the speech, an accompanying document expanded on the details of the proposed bills.

The Financial Services and Markets Bill will focus on “harnessing the opportunities of innovative technologies in financial services, including supporting the safe adoption of cryptocurrencies and resilient outsourcing to technology providers“, while the 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. 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“.

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