Prince Charles spoke on behalf of the Queen of England (citing health reasons) at the House of Lords last week, outlining her government\u2019s legislative priorities and listing the measures it intends to present to members of parliament.<\/p>\n

One of the emphasis was on cryptocurrencies during the Queen\u2019s annual address to the British Parliament, as the country\u2019s cryptocurrency sector braces for significant legislation in the coming months.<\/p>\n

The address comprised 38 bills that ministers anticipate will be signed into law before the start of the following year, spanning from justice and security to education, health, and infrastructure.<\/p>\n

Stablecoins On The Radar<\/h2>\n
Crypto and stablecoins have been at the crosshairs of the United Kingdom.<\/p>\n
In January of last year, Her Majesty\u2019s Treasury launched a consultation on the proposed UK approach to crypto-assets and stablecoins, including a proposal to bring stablecoins under the regulatory jurisdiction of the Kingdom.<\/p>\n
Despite this week\u2019s crypto market disaster, HM Treasury moves ahead with similar ideas days after the Queen\u2019s Speech.<\/p>\n
$\"\"$ Queen Elizabeth normally delivers the Queen's Speech, but Prince Charles did so on this occasion due to health concerns. (Yahoo News)<\/pre>\n
Last month, John Glen, economic secretary of the Treasury, declared that the British government would implement \u201ca world-leading regulatory regime for stablecoins.\u201d<\/p>\n
Treasury chancellor Rishi Sunak stated that the government will \u201cguarantee the UK financial services industry remains at the forefront of technology and innovation.\u201d<\/p>\n
UK Unfazed By Chaos In The Crypto Market<\/h2>\n
The two officials\u2019 proposals come at a time when cryptocurrency markets are in disarray after TerraUSD, a \u201calgorithmic\u201d stablecoin tethered to the US dollar, plummeted below $1 this week, triggering a massive sell-off in other cryptocurrencies.<\/p>\n
In the past week, the entire value of all cryptocurrencies fell by more than $300 billion, and the market has reached its lowest point in almost a year.<\/p>\n
Terra\u2019s worth was tied to a distinct coin called LUNA, and software was utilized to maintain its price. Last week, when faith in the system crumbled, its price crashed.<\/p>\n
$\"\"$ <\/h3>\n
The total value of all cryptocurrencies has dropped by about $300 billion in the last week. (Yahoo News)<\/pre>\n
As this developed, US Treasury Secretary Janet Yellen urged Congress to approve federal regulation of stablecoins.<\/p>\n
Meanwhile, a UK Treasury representative revealed that legislation to regulate stablecoins, when used as a means of payment, will be included in the Financial Services and Markets Bill, which was unveiled in Her Majesty\u2019s Speech.<\/p>\n
Proponents claim that stablecoins will make payments more efficient and safe while reducing transaction fees, such as those for cross-border transactions.<\/p>\n
<\/h3>\n
Crypto total market cap at $1.26 trillion on the daily chart | Source: TradingView.com<\/a><\/pre>\n
Bill To Contain Crypto\u2019s Illicit Use<\/h3>\n
The bill also appears to seek to \u201ccombat\u201d the illegal use of cryptocurrency.<\/p>\n
According to Prince Charles:<\/em><\/p>\n
\n
\u201cA measure will be introduced to significantly bolster authorities to contain illegal funding, minimize economic crime, and support commercial growth. There will be measures adopted to assist the security services in protecting the United Kingdom.\u201d<\/h4>\n<\/blockquote>\n
The UK government has also confirmed that it will hold a consultation later this year on regulating a broader set of crypto activities, including cryptocurrency trading using Bitcoin and Ether.<\/p>\n
As part of its efforts to become a \u201cglobal leader\u201d in the cryptocurrency industry, the government declared last week its intention to create its own non-fungible token (NFT).<\/p>\n
In his remarks during a London fintech event, Glen said that Sunak has asked the Royal Mint, the government-owned institution responsible for minting UK coins, to develop and issue the NFT \u201cbefore the summer.\u201d<\/p>\n
Suggested Reading | LUNA Investors \u2018Suicidal\u2019 After Crypto\u2019s Collapse \u2013 Do Kwon Says He\u2019s \u2018Heartbroken\u2019<\/a><\/em><\/strong><\/p>\n
Featured image from Daily Express, chart from TradingView.com<\/a><\/pre>\n<\/p><\/div>\n

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<\/h3>\n

<\/h3>\n

Bill To Contain Crypto\u2019s Illicit Use<\/h3>\nThe bill also appears to seek to \u201ccombat\u201d the illegal use of cryptocurrency.<\/p>\nAccording to Prince Charles:<\/em><\/p>\n