Queen Elizabeth II’s son, Prince Charles, spoke on her behalf in the House of Lords this week, outlining the legislative goals of her government and outlining the measures it expects to put before Parliament. citing health concerns.
At the Queen’s annual speech to the British Parliament, the cryptocurrency industry was one of the topics of attention, as the UK prepares for important legislation in the coming months.
Ministers expect to sign 38 laws into law before the new year begins, ranging from justice and security to education, health, and infrastructure.
There was a public consultation on the planned UK approach to crypto-assets and stablecoins last year, which included a proposal to put stablecoins under Kingdom regulatory control.
HMRC is moving on with the same objectives despite this week’s crypto market debacle just days after the Queen’s Speech.
The Queen’s Speech is traditionally delivered by Queen Elizabeth, but Prince Charles took the reins this time owing to ill health. (Yahoo! News)
A world-leading regulatory environment for stablecoins, according to Treasury Secretary John Glen, was announced by the British government last month.
“The UK financial services sector will continue at the edge of technology and innovation,” said Treasury Chancellor Rishi Sunak.
The Crypto Market Chaos Doesn’t Faze the UK
As cryptocurrency markets are in chaos after the fall of “algorithmic” stablecoin TerraUSD to below $1 this week, the two authorities’ ideas come at the right moment.
All cryptocurrencies have lost more than $300 billion in value in the last week, and the market has fallen to its lowest position in a year.
Luna, a unique currency, was used to keep Terra’s value stable by using the software. The price of the system went down last week as people lost trust in it. Accordingly, Treasury Secretary Janet Yellen requested federal regulation of stablecoins from Congress.
As part of the Financial Services and Markets Bill, which was introduced in Her Majesty’s Speech, a UK Treasury spokesman confirmed that legislation to regulate stablecoins when used as payment would be included.
It is claimed that stablecoins may reduce transaction costs, especially for cross-border transactions, by making payments more efficient and secure.
In his capacity as Prince of Wales, Prince Charles is quoted as saying: In an effort to combat unlawful financing, reduce economic crime, and promote commercial development, a new law will be enacted.” Anti-terrorist measures will be implemented in the United Kingdom,” he said.
There will be a public consultation on a wider range of crypto services, including Bitcoin and Ether trading, later this year by the UK government.
Last week, the government announced its plan to establish its own non-fungible token as part of its attempts to become a “global leader” in the cryptocurrency business.
Sunak has requested the Royal Mint, the government-owned entity in charge of minting British coins, to produce and release the NFT “before the summer,” according to Glen’s statements at a London fintech event.