UK House of Lords approves legislation to target illicit cryptocurrency usage

The House of Lords has advanced a bill that aims to expand the ability of authorities to target illegal cryptocurrency use in the United Kingdom to its final stages of approval.  

The Economic Crime and Corporate Transparency Bill was introduced in September 2022 and primarily aims to tackle crypto-related financial crimes. Over the past year, the bill went from the House of Commons to the House of Lords and is now in the final stages of approval.

The House of Lords agreed on certain amendments during the review, to clarify its intent of targeting monetary proceeds from fraud or other financial crimes. In addition, the bill also aims to set provisions for corporate transparency and overseas business registrations.

Following approval, the bill will be signed into law through royal assent, a method by which a monarch formally approves an act of the legislature. At  the final stage, the House of Commons will make decisions to either accept the proposed amendments or recommend changes to the bill. 

The Financial Conduct Authority (FCA), the U.K.’s financial regulator, recently revealed its willingness to work with crypto companies to develop a much-awaited regulatory framework for the industry.

https://twitter.com/TheFCA/status/1650892921120387075?t=0FWQ-0qbZkTIOzkL4o07DA&s=19

Speaking at the London’s City Week conference, FCA Executive Director Sarah Pritchard said:

“Let’s work together to shape our rules and regulations to benefit markets, consumers, and firms as crypto goes from niche to mainstream.”

Pritchard stated that the FCA’s responsibilities are limited to ensuring  that crypto firms that operate in the U.K. comply with Anti-Money Laundering and Counter-Terrorist Financing legislation.