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Filed successful September 2022, the Economic Crime and Corporate Transparency Bill is expected to person royal assent connected Oct. 26, 2023.
Lawmakers successful the United Kingdom person passed authorities allowing authorities to prehend and frost cryptocurrencies similar Bitcoin (BTC) if utilized for illicit purposes.
According to authoritative information connected the U.K.’s parliamentary acts website, the Economic Crime and Corporate Transparency Bill is expected to person royal assent connected Oct. 26, meaning the measure would implicit each the parliamentary stages successful some houses of parliament.
Introduced successful September 2022, the passed authorities aims to grow authorities’ quality to ace down connected the usage of cryptocurrency successful crimes similar cybercrime, scams and cause trafficking.
One of the provisions of the Economic Crime and Corporate Transparency Bill permits the betterment of crypto assets utilized successful crimes without conviction, arsenic immoderate individuals whitethorn debar condemnation by remaining remote. The authorities besides aims to combat the usage of integer assets “for the purposes of terrorism” oregon related reasons.
The latest crypto-related ineligible improvement successful the U.K. aligns with the government’s plans to “robustly” modulate crypto to fight the illicit usage of integer assets arsenic portion of its economical transgression program from 2023 to 2026. In March, U.K. lawmakers said they targeted to walk the Economic Crime and Corporate Transparency Bill by the 4th fourth of 2023, successful summation to adopting the Financial Action Task Force’s Travel Rule.
Related: California measure aims to headdress crypto ATM withdrawals astatine $1K per time to combat scams
As the U.K. authorities has been cracking down connected crypto-related crimes, the state has emerged arsenic a large cryptocurrency economy. According to an October 2023 study by blockchain analytics steadfast Chainalysis, the U.K. is the biggest crypto state successful presumption of earthy transaction measurement successful Central, Northern and Western Europe.
In February 2023, the crypto taxation level Recap besides reported that London was the world’s astir crypto-ready metropolis for business, coming successful up of Dubai and New York.
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