Expansion of UK’s Authorities to Target Illicit Cryptocurrency Usage Moves to Final Stages for Approval
The Economic Crime and Corporate Transparency Bill, which seeks to enhance the powers of authorities in the United Kingdom to combat illicit cryptocurrency usage, has progressed to its final stages for approval by the House of Lords. Introduced in September 2022, the bill primarily focuses on addressing crypto-related financial crimes. After going through the House of Commons and the House of Lords over the past year, it is now in the final stages of approval.
During the review process, the House of Lords agreed on certain amendments to clarify the bill’s intent of targeting monetary proceeds derived from fraud or other financial crimes. Additionally, the bill aims to establish provisions for corporate transparency and overseas business registrations.
At this final stage, the House of Commons will either accept the proposed amendments or recommend changes to the bill. Once approved, the bill will become law through royal assent, a formal approval process by which a monarch sanctions an act of the legislature.
The UK’s Financial Conduct Authority (FCA) has recently expressed its willingness to collaborate with crypto companies in developing a long-awaited regulatory framework for the industry.
Sarah Pritchard, the FCA Executive Director, spoke about the regulation of cryptocurrency at London’s City Week conference and emphasized the benefits of early engagement and cooperation between regulators and industry participants. Pritchard stated, “Let’s work together to shape our rules and regulations to benefit markets, consumers, and firms as crypto goes from niche to mainstream.” She also highlighted that the FCA’s responsibilities are limited to ensuring that crypto firms operating in the UK comply with Anti-Money Laundering and Counter-Terrorist Financing legislation.
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In conclusion, the Economic Crime and Corporate Transparency Bill’s progress toward approval signifies the UK’s determination to combat illicit cryptocurrency usage and establish a regulatory framework for the industry. With the collaboration between authorities and crypto companies, the country aims to strike a balance between regulation and innovation in the rapidly growing crypto sector.
– Parliament UK: https://cointelegraph.com/news/house-of-lords-crypto-bill-uk(https://bills.parliament.uk/publications/52635/documents/3941)
– Cointelegraph: https://cointelegraph.com/news/house-of-lords-crypto-bill-uk(https://cointelegraph.com/news/weak-competition-ai-could-hurt-consumers-uk-competition-watchdog)
– Twitter: https://cointelegraph.com/news/house-of-lords-crypto-bill-uk(https://twitter.com/TheFCA/status/1650892921120387075?ref_src=twsrc%5Etfw)
– Cointelegraph: https://cointelegraph.com/news/house-of-lords-crypto-bill-uk(https://mint.cointelegraph.com/?url=https://cointelegraph.com/news/house-of-lords-crypto-bill-uk&utm_source=cointelegraph_com&utm_medium=appendix&utm_campaign=articles)
– Cointelegraph Magazine: https://cointelegraph.com/news/house-of-lords-crypto-bill-uk(https://cointelegraph.com/magazine/dao-hyped-voting-decentralization/)
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