Prince Charles spoke on behalf of the Queen of England (citing well being causes) on the House of Lords final week, outlining her authorities’s legislative priorities and itemizing the measures it intends to current to members of parliament.
One of the emphasis was on cryptocurrencies in the course of the Queen’s annual handle to the British Parliament, because the nation’s cryptocurrency sector braces for vital laws within the coming months.
The handle comprised 38 payments that ministers anticipate will probably be signed into regulation earlier than the beginning of the next yr, spanning from justice and safety to schooling, well being, and infrastructure.
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Stablecoins On The Radar
Crypto and stablecoins have been on the crosshairs of the United Kingdom.
In January of final yr, Her Majesty’s Treasury launched a session on the proposed UK method to crypto-assets and stablecoins, together with a proposal to convey stablecoins below the regulatory jurisdiction of the Kingdom.
Despite this week’s crypto market catastrophe, HM Treasury strikes forward with comparable concepts days after the Queen’s Speech.
Queen Elizabeth usually delivers the Queen's Speech, however Prince Charles did so on this event because of well being issues. (Yahoo News)
Last month, John Glen, financial secretary of the Treasury, declared that the British authorities would implement “a world-leading regulatory regime for stablecoins.”
Treasury chancellor Rishi Sunak acknowledged that the federal government will “guarantee the UK financial services industry remains at the forefront of technology and innovation.”
UK Unfazed By Chaos In The Crypto Market
The two officers’ proposals come at a time when cryptocurrency markets are in disarray after TerraUSD, a “algorithmic” stablecoin tethered to the US greenback, plummeted beneath $1 this week, triggering a large sell-off in different cryptocurrencies.
In the previous week, your complete worth of all cryptocurrencies fell by greater than $300 billion, and the market has reached its lowest level in virtually a yr.
Terra’s price was tied to a definite coin referred to as LUNA, and software program was utilized to keep up its value. Last week, when religion within the system crumbled, its value crashed.
The complete worth of all cryptocurrencies has dropped by about $300 billion within the final week. (Yahoo News)
As this developed, US Treasury Secretary Janet Yellen urged Congress to approve federal regulation of stablecoins.
Meanwhile, a UK Treasury consultant revealed that laws to manage stablecoins, when used as a method of fee, will probably be included within the Financial Services and Markets Bill, which was unveiled in Her Majesty’s Speech.
Proponents declare that stablecoins will make funds extra environment friendly and secure whereas lowering transaction charges, akin to these for cross-border transactions.
Crypto complete market cap at $1.26 trillion on the day by day chart | Source: TradingView.com
Bill To Contain Crypto’s Illicit Use
The invoice additionally seems to hunt to “combat” the unlawful use of cryptocurrency.
According to Prince Charles:
“A measure will be introduced to significantly bolster authorities to contain illegal funding, minimize economic crime, and support commercial growth. There will be measures adopted to assist the security services in protecting the United Kingdom.”
The UK authorities has additionally confirmed that it’ll maintain a session later this yr on regulating a broader set of crypto actions, together with cryptocurrency buying and selling utilizing Bitcoin and Ether.
As a part of its efforts to turn out to be a “global leader” within the cryptocurrency trade, the federal government declared final week its intention to create its personal non-fungible token (NFT).
In his remarks throughout a London fintech occasion, Glen stated that Sunak has requested the Royal Mint, the government-owned establishment accountable for minting UK cash, to develop and challenge the NFT “before the summer.”
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Featured picture from Daily Express, chart from TradingView.com