The Economic Crime and Corporate Transparency Bill, which seeks to tackle crypto-related financial crimes, has been passed for approval by the House of Lords. If approved, the bill will be signed into law via royal assent.
The bill aims to expand the ability of UK authorities to target illicit cryptocurrency usage. It also introduces provisions for corporate transparency and overseas business registrations, as well as targeting monetary proceeds from fraud or other financial crimes.
The U.K.’s financial regulator, the Financial Conduct Authority (FCA), recently declared it is willing to work with crypto companies to introduce a regulatory framework for the cryptocurrency industry. The FCA’s Executive Director Sarah Pritchard stated: “Let’s work together to shape our rules and regulations to benefit markets, consumers and firms as crypto goes from niche to mainstream.”
In addition, the agency is responsible for ensuring that crypto firms operating in the country comply with Anti-Money Laundering and Counter-Terrorist Financing legislation. In July, the FCA launched a permanent digital sandbox to serve as a testing environment for crypto companies and others.
The House of Commons will now vote to accept the proposed amendments or recommend changes to the bill. Once approved, the bill will become law.
