The United Kingdom will introduce legislation this year to regulate the cryptocurrency industry and ensure that ransomware profits can be seized by authorities.
The heir to the throne, Prince Charles, 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 aftermath of Britain’s exit from the European Union, as well as a long-awaited bill on combating economic crime. The Queen’s Speech, which is usually delivered by the 96-year-old monarch, was unable to participate due to “episodic mobility problems.”
One new law aims to encourage the safe adoption of cryptocurrencies, according to a government briefing released alongside the speech on Tuesday. A separate Economic Crime and Corporate Transparency Bill will give authorities the ability to more quickly and easily seize and recover crypto assets, which are the primary medium used for ransomware.
For those who cannot be prosecuted criminally, civil forfeiture power will be available.
Financial services minister John Glen unveiled a package of measures in April to create a state-backed non-fungible token (NFT), regulate stablecoins, and make the United Kingdom a crypto hub. Russia’s invasion of Ukraine has also increased pressure on the country to combat the inflow of dirty money.
