Kingdom

United

Bitcoin

April

Green Light

According to recent news reports, the highly anticipated bill designed to enhance the authorities’ capacity to address unlawful cryptocurrency activities in the United Kingdom is set for approval by the House of Lords, the second chamber of UK Parliament.&nbsp; 
<h2 id="span-style-font-weight-400-journey-to-the-house-of-lords-span">Journey to the House of Lords</h2> 
It is remarkable that the bill in question, ‘the Economic Crime and Corporate Transparency Bill’ which was initially <a href="https://bills.parliament.uk/publications/52635/documents/3941">presented</a> in September 2022, focuses primarily on addressing financial crimes related to cryptocurrencies. The bill has moved through the House of Commons to the House of Lords and is currently in the final stages of the approval process. 
The House of Lords has reached a consensus on specific amendments aimed at providing greater clarity regarding their intention to focus on the financial gains derived from fraudulent activities and other financial crimes.&nbsp; 
Finally, the House of Commons will have the choice of either accepting the proposed amendments or putting forth their own recommended changes to the bill. Once this phase is completed, the bill will proceed to become law through the formal process of receiving royal assent, where a monarch formally endorses the legislative act. 
<h2 id="span-style-font-weight-400-fca-s-massive-support-to-the-bill-span">FCA’s Massive Support to the Bill</h2> 
The Financial Conduct Authority (FCA), the regulatory authority responsible for financial oversight in the United Kingdom, has already expressed its eagerness to collaborate with cryptocurrency firms in the development of a long-anticipated regulatory framework for the industry. 
Sarah Pritchard, the FCA Executive Director, <a href="https://twitter.com/TheFCA/status/1650892921120387075">commented</a> on the highly anticipated bill’s success&nbsp;at the London’s City Week conference:&nbsp; 
<blockquote>
 “Let’s work together to shape our rules and regulations to benefit markets, consumers and firms as crypto goes from niche to mainstream.”
</blockquote> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 In her speech at <a href="https://twitter.com/hashtag/CityWeek2023?src=hash&amp;ref_src=twsrc%5Etfw">#CityWeek2023</a>, Sarah Pritchard spoke about the regulation of <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw">#cryptocurrency</a> and how effective early engagement can support regulation that benefits all. <a href="https://t.co/w6Zv6K5FP1">https://t.co/w6Zv6K5FP1</a> 
 — Financial Conduct Authority (@TheFCA) <a href="https://twitter.com/TheFCA/status/1650892921120387075?ref_src=twsrc%5Etfw">April 25, 2023</a>
</blockquote> 
It’s important to note that earlier this year, the <a href="https://thecoinrise.com/u-k-watchdog-opens-new-crypto-unit-and-its-open-for-hire/">UK’s National Crime Agency (NCA)</a> established a specialized unit aimed at countering illicit activities and individuals involved in fraudulent activities associated with cryptocurrencies like Bitcoin (BTC) and others. This law enforcement agency has also revealed its plan to <a href="https://thecoinrise.com/uk-national-crime-agency-plans-to-hire-blockchain-investigators/">recruit two blockchain investigators</a>, marking a significant advancement in their efforts to address cryptocurrency-related offenses. 
The post <a rel="nofollow" href="https://thecoinrise.com/bill-to-target-illicit-crypto-activities-sees-green-light-from-the-uk-house-of-lords/">Bill to Target Illicit Crypto Activities Sees Green Light from the UK House of Lords</a> appeared first on <a rel="nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Bill to Target Illicit Crypto Activities Sees Green Light from the UK House of Lords

Daftar Isi

TheCoinrise Media

Artikel lain yang dipublikasikan pada 19 Sep 2023

Crypto Investment Products See Continuous Outflows, Nearing $500 Million in Nine Weeks

XRP Ledger Is Gearing Up to Overtake Ethereum As The Main Smart Contracts Hub

Former Fed Chair Reveals Interest Rate Decision Prediction! How Will Bitcoin Be Affected?

Introducing “This Is Fine” ($FINE): The Meme and Culture Coin Taking Crypto by Storm

Google Unveils Bard AI’s Powerful New Model

Zebu Live 2023: The Future of Web3 Unfolds in London This October!

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!