• Prince Charles outlined various pledges that Her Majesty’s administration would carry out.
  • Queen Elizabeth II delivered a speech prepared by the government.

The Queen’s Speech, given by Prince Charles, the monarch’s son and first-in-line to the throne, laid out the government’s legislative priorities for the next parliamentary year. In addition, during the ceremonial state opening of Parliament, Queen Elizabeth II delivered a speech prepared by the government.

Enhance Position as  Global Leader in Financial Services

Prince Charles outlined various pledges that Her Majesty’s administration would carry out in speeches to the House of Lords and the House of Commons. He said 22 laws will be filed, adding that the government’s “priority is to grow and strengthen the economy and help ease the cost of living for families.”

According to the Queen’s Speech background and briefing materials, one legislation is the “Financial Services and Markets Bill.” Document specifications state that the bill’s goal is to “maintain and enhance the U.K.’s position as a global leader in financial services” and “seize the benefits of Brexit.”

The “Economic Crime and Corporate Transparency Bill,” which Prince Charles also highlighted, make mention of cryptocurrencies. However, when it comes to the digital currency ecosystem, both the U.K. and the E.U. are quite conservative. As the embryonic asset class has become more popular, market watchdogs like the Financial Conduct Authority (FCA) have imposed a slew of rules, including a ban on numerous cryptocurrency exchanges, including Binance.

Financial markets are seen as speculative and unrelated to real money by the government via the Bank of England (BoE). However, this new nudge from Her Majesty may push to investigate and expound on the positive implications for the payment ecosystem of adding support for cryptocurrencies.

LEAVE A REPLY

Please enter your comment!
Please enter your name here