The Queen’s Speech in 2022 Triggered a Renewed Focus on Cryptocurrency in Europe.

The Queen’s speech was delivered by Prince Charles in parliament, and the country’s cryptocurrency ecosystem is preparing for immortal legislation in the coming months.

After the Queen’s speech in parliament, the UK may receive comprehensive cryptocurrency legislation in the near future. The speech included 38 bills that ministers expect to become law by next year, covering security and justice, as well as infrastructure and education.

The Queen’s speech was traditionally read by Queen Elizabeth, but this time it was read by Prince Charles on the grounds of health problems. The bill seems to focus on “solving” the problem of illegal use of cryptocurrency.

“A bill will be proposed to further strengthen the power to deal with illegal finance, reduce economic crime and help business development.” Prince Charles said: “measures will be introduced to support the security sector and help them protect the UK.”

As can be seen from the speech, the bill will give regulators broad powers to hunt down illegal players in the field of cryptocurrency, including the seizure of assets. The draft digital market, competition and consumer bill includes a noble plan to “create new competition rules for the digital market and the largest digital companies”. Although the wording of the draft excludes an explicit reference to the term “cryptocurrency”, experts assert that it is aimed at digital assets.

The Bill Extends to Advertising

According to the speech, the purpose of the bill also includes protecting “consumers’ hard-earned cash from fraud and fraud, and promoting consumers’ rights”. The Advertising Standards

Authority (ASA) has banned several cryptocurrency advertisements on the grounds that they are misleading to consumers. Perhaps the passage of the bill shows that cryptocurrency advertising will be required by ASA to a higher standard.

Plans to control the country’s cryptocurrency industry have been going on for some time. In April, the Ministry of economy and Finance announced that it would take “legislative steps” to regulate the country’s stable currency, while the financial conduct authority (FCA) instructed companies to comply with the sanctions imposed on Russia.

FCA is holding its first cryptocurrency sprint, and regulators will meet with industry experts to promote cooperation. The two-day event has attracted the attention of players in this field, and some people hope that this may be “the beginning of the acceleration of regulators”.