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.
Journey to the House of Lords
It is remarkable that the bill in question, ‘the Economic Crime and Corporate Transparency Bill’ which was initially presented 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.
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.
FCA’s Massive Support to the Bill
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, commented on the highly anticipated bill’s success at the London’s City Week conference:
“Let’s work together to shape our rules and regulations to benefit markets, consumers and firms as crypto goes from niche to mainstream.”
— Financial Conduct Authority (@TheFCA) April 25, 2023
It’s important to note that earlier this year, the UK’s National Crime Agency (NCA) 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 recruit two blockchain investigators, marking a significant advancement in their efforts to address cryptocurrency-related offenses.