U.K. lawmakers have approved a bill aimed at enabling law enforcement agencies to seize and freeze cryptocurrency involved in criminal activities.
The Economic Crime and Corporate Transparency Bill, which covers offenses ranging from drug trafficking to cybercrime, is anticipated to be approved by the King and implemented soon.
The bill expands local law enforcement’s authority to seize cryptocurrencies related to illegal activity even without a conviction, making it a crucial tool in time-sensitive instances.
The bill, which was introduced in September, was amended to add anti-terrorism elements. Separate procedures were also included to help police in confiscating other assets that could aid in the identification of cryptocurrency linked to criminal acts.
While the United Kingdom strives to become a worldwide cryptocurrency hub and has passed legislation to recognize digital assets, it remains committed to tackling cryptocurrency-related crime and scams. The UK’s Financial Conduct Authority (FCA) has enforced crypto promotion rules, warning crypto firms and exchanges that do not comply.
Law enforcement agencies had seized more than $371 million in cryptocurrency linked to illicit activities by 2022. Furthermore, tactical advisers specializing in cryptocurrency have been sent across the country to assist with investigations. However, the UK’s fraud reporting agency found a 40% rise in the amount lost to crypto scams.
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