British governmentled by new pro-crypto Prime Minister Liz Truss, works to implement control measures on digital assets. While not creating a regulatory framework per se, it is legislation that aims to “clean up” the local financial system and cuts across the crypto ecosystem.
It is Economic Crimes and Corporate Transparency Bill which, according to the government in a press release, aims to allow legitimate businesses to thrive while the authorities work to transform the region into a “global hub for cryptocurrency investments”.
The project in question aims to give local authorities the power to compel companies to present financial information related to money laundering and the financing of terrorism. The National Crime Agencyalso, can enter, freeze and recover digital assets.
read more: ► Liz Truss, the new pro-crypto British Prime Minister
“The use of this digital currency has increased significantly in recent years, and the Metropolitan Police reported a huge increase in cryptocurrency seizures last year”, reads the message. And adds: “Strengthening the Proceeds of Crime Act powers will modernize legislation to ensure agencies can keep pace with rapid technological change and prevent assets from funding new criminal activity”.
A pro-crypto prime minister
After Truss took over from Boris Johnson, the media revived comments made a few years ago about the importance of regulating the cryptocurrency market.
“We should welcome crypto in a way that doesn’t limit its potential. Liberate free enterprise zones by removing regulations that restrict prosperity”wrote the current prime minister on her Twitter account in 2018.
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