A bill aimed at expanding the ability of authorities to target illicit cryptocurrency use in the United Kingdom has been passed by the House of Lords. This bill to confiscate the stolen cryptocurrency has been sent to the final stage of approval. In the final stage, the UK Parliament will either accept the proposed amendments or decide to recommend changes to the bill. After receiving final approval, the bill will be signed into law through royal assent, which is a mere formality. Let us tell you that the Economic Crimes and Corporate Transparency Bill was introduced in September 2022 to deal with crypto-related financial crimes in the UK.
The United Kingdom is continuously working towards regulating cryptocurrency by issuing new guidelines. A few days ago, the UK's Financial Conduct Authority (FCA) also issued a warning, asking crypto asset firms to follow new rules from October 2023. However, once approved, companies may get time till January 8, 2024, to address technical issues. Through these new rules, the UK's Financial Conduct Authority (FCA) aims to ensure that crypto firms market fairly and honestly, with clear risk warnings associated with Crypto. It is noteworthy that at present all the countries are waiting for the crypto regulatory framework being created under the chairmanship of India, in which the suggestions of all the countries have been included. Once a framework related to crypto regulation is created, it will help in preventing the use of illegal cryptocurrencies in all countries.
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