The Queen’s Speech, given Tuesday by Prince Charles, the monarch’s son and first in line to the throne, highlighted the government’s legislative programme for the coming parliamentary year. The government writes the Queen’s Speech, which is read by the monarch during the official state opening of parliament.
Prince Charles addressed a number of commitments made by Her Majesty’s government in speeches to both the House of Lords and the House of Commons. He said the government’s “goal is to build and strengthen the economy and help ease the expense of living for households,” adding that 22 laws will be tabled.
According to the background and briefing notes of the Queen’s Speech released on the government’s website, one of the legislation is the “Financial Services and Markets Bill.” The bill’s goal is to “preserve and improve the United Kingdom’s position as a worldwide leader in financial services” and “capture the benefits of Brexit,” according to the text.
This bill’s advantages include:
“Harnessing the opportunities of innovative technologies in financial services, including supporting the safe adoption of cryptocurrencies and resilient outsourcing to technology providers.”
The “Economic Crime and Corporate Transparency Bill,” which Prince Charles noted, is another bill that mentions bitcoin. This measure aims to “crack down on kleptocrats, criminals, and terrorists who misuse our open economy, ensuring that dirty money is driven out of the United Kingdom.”
The bill includes the following provisions:
“Creating powers to more quickly and easily seize and recover crypto assets, which are the principal medium used for ransomware.”
According to the Queen’s Speech briefing note, “the development of a civil forfeiture power will lessen the risk posed by people who cannot be criminally punished but use their wealth to pursue wrongdoing.”
