- The bill empowers law enforcement to seize crypto tied to criminal activities without a conviction.
- The Economic Crime and Corporate Transparency Bill addresses various illegal activities, including terrorism.
- The Financial Services and Markets Bill received royal assent, bringing crypto and stablecoins under regulatory oversight.
On Thursday, a bill empowering law enforcement to seize and freeze crypto utilized for unlawful purposes was granted legal status after receiving the King’s endorsement. The Economic Crime and Corporate Transparency Bill encompasses various illegal actions, spanning from drug trafficking to cybercrime. Certain aspects of the legislation grant expanded authority to local law enforcement, enabling them to confiscate cryptocurrency associated with criminal activity even without a formal conviction. Experts believe this provision will be especially valuable, especially in urgent situations.
Introduced in September of last year, the bill has undergone several amendments to include measures that address terrorism. Additionally, separate provisions were included to assist authorities in seizing various assets that can aid in identifying cryptocurrency linked to criminal activities. The bill received parliamentary approval on Wednesday.
During the bill’s detailed examination on Tuesday, Tom Tugendhat, the minister of state overseeing the regulation of crime and terrorism, stated, “What this bill is doing is making sure that those assets that are held in crypto can be seized like other assets.”
While the U.K. has voiced its aspiration to establish itself as a worldwide center for cryptocurrency and has enacted certain laws to formalize crypto within the nation, it has concurrently intensified efforts to combat cryptocurrency-related criminal activities and fraudulent schemes. Law enforcement agencies have already confiscated cryptocurrency valued at hundreds of millions of pounds connected to illicit conduct. Moreover, they have deployed cryptocurrency tactical advisers to police departments across the country to aid in investigative efforts.
In June, the U.K. witnessed the approval of a bill, that granted regulators the authority to oversee cryptocurrencies and stablecoins, when it received the royal assent from King Charles. This final procedural step, following the agreement of lawmakers, officially transformed the Financial Services and Markets Bill into an Act, encompassing provisions to subject cryptocurrency and stablecoins to regulatory oversight. The bill had been sanctioned by the upper house of Parliament just last week.
