UK Prime Minister Boris Johnson is empowering regulators to speed up the cryptocurrency seizure process. Johnson has introduced new legislation focused on the confiscation of digital assets used in criminal activity. The news was also highlighted by Prince Charles who outlined the UK government’s plans to support the safe adoption of cryptocurrencies.
UK Prime Minister proposes legislation to seize digital assets.
Johnson, who is also the leader of Britain’s Conservative Party, is introducing an Economic Crimes Bill aimed at ending the use of financial assets in illegal activities. The bill also seeks to impose sanctions on Russia and ensure that regulators have sufficient powers to seize digital assets.
According to the bill: “Create powers to more quickly and easily seize and recover crypto assets, which are the main medium used for ransomware. »
heir to the throne, also supported the bill.
“A bill will be introduced to strengthen powers to fight illicit finance, reduce economic crime and help businesses grow,” the prince said.
The bill would also aim to “take dirty money out of the UK”. This will ensure that sanctioned Russians and those with close ties to Russian President Vladimir Putin do not benefit from the UK economy.
To be discovered: The US Treasury Secretary again stressed the need for a regulatory framework for stablecoins citing the collapse of the UST.
Focus on the regulation of cryptocurrencies in the United Kingdom
The environment for cryptocurrency business in the UK is challenging. Over the past few months, authorities in the country have been closely monitoring the industry to assess how digital assets are used for illicit activities and to seize tokens from those who use them to commit crimes.
In March, the UK passed the Economic Crimes Act, imposing financial sanctions on many Russian individuals and institutions. The targeted individuals and entities are believed to be close to Putin and involved in the Russian invasion of Ukraine.
The Bank of England remains opposed to cryptocurrency investments. Recently, the Prudential Regulation Authority (PRA) of the Bank of England has announced its intention to obtain a $420 million in funding to regulate cryptocurrencies and monitor their use in the UK market.
The group also plans toexpand its workforce to regulate this booming sector. According to the plan of the PRAcrypto companies will be required to “declare their exposure to crypto assets, their treatment, and their future investment plans.”
Bonus: Bitso is expanding its crypto investment options by launching a Bitso+ yield program.
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The UK will introduce legislation regulating cryptocurrencies and allow regulators to seize more digital assets.
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