The United Kingdom will introduce legislation later this year to regulate the crypto industry and ensure that profits from ransomware can be seized by authorities.
Prince Charles, heir to the throne, officially opened the new parliamentary term with the government's legislative program, announcing a new Financial Services Bill to "cut red tape" in the wake of Britain's exit from the European Union, as well as a long-awaited bill to combat economic crime. The agenda, known as the Queen's Speech, is usually presented by the 96-year-old monarch, who has been unable to attend due to "episodic mobility problems."
A new law aims to "support the safe adoption of cryptocurrencies," according to a government briefing released Tuesday along with the speech. A separate Economic Crime and Corporate Transparency Act will "create powers to more quickly and easily seize and recover crypto assets, which are the primary medium for ransomware."
There will also be civil forfeiture powers for those who cannot be criminally prosecuted.
Financial Services Minister John Glen unveiled a series of measures in April to issue a government-backed non-fungible token (NFT), regulate stablecoins and make the U.K. a crypto hub. Russia's invasion of Ukraine has also increased pressure to crack down on the flow of dirty money into the country.