UK Proposes New Law to ‘Seize, Freeze and Recover’ Crypto Assets Easier and Faster

The British authorities has presented the Economic Crime and Corporate Transparency Bill to Parliament that volition “make it easier and quicker” for instrumentality enforcement agencies “to seize, frost and retrieve crypto assets.” The authorities stressed: “We indispensable guarantee that instrumentality enforcement agencies person the close legislative model successful spot to retrieve criminals’ crypto assets.”

UK’s New Bill to Help Authorities Seize, Freeze, and Recover Crypto

The British authorities introduced the Economic Crime and Corporate Transparency Bill successful the House of Commons Thursday. The bill “aims to fortify the U.K.’s combat against economical crime,” the authorities detailed, noting that “It volition besides enactment efforts to tackle violent financing.”

The authorities explained:

The caller instrumentality volition marque it easier and quicker for instrumentality enforcement agencies specified arsenic the National Crime Agency to seize, frost and retrieve crypto assets — the integer currency progressively utilized by organized criminals to launder profits from fraud, drugs and cybercrime.

Moreover, the measure includes amendments to the Proceeds of Crime Act 2002 (POCA) to enactment the betterment of crypto assets.

“We indispensable guarantee that instrumentality enforcement agencies person the close legislative model successful spot to retrieve criminals’ crypto assets to guarantee transgression does not wage and forestall those assets being utilized to money further criminality and violent activities,” the authorities continued. “The usage of this integer currency has importantly accrued successful caller years, with the Metropolitan Police reporting a large emergence successful cryptocurrency seizures past year.”

Director General of the National Crime Agency Graeme Biggar commented:

Domestic and planetary criminals person for years laundered the proceeds of their transgression and corruption by abusing U.K. institution structures, and are progressively utilizing cryptocurrencies.

Crypto regularisation whitethorn beryllium undergoing changes successful the U.K. nether the caller premier minister, Liz Truss. Several cardinal officials who antecedently worked connected the country’s crypto argumentation resigned from authorities earlier she took office, including Former Chancellor of the Exchequer Rishi Sunak and Economic Secretary to the Treasury John Glen.

In May, the U.K. authorities outlined its plans to support crypto adoption and affirmed its commitment to modulate stablecoins.

Sunak said successful April: “It’s my ambition to marque the U.K. a planetary hub for crypto plus technology, and the measures we’ve outlined contiguous volition assistance to guarantee firms tin invest, innovate, and standard up successful this country.” Glen likewise said: “We privation this state to beryllium a planetary hub — the precise champion spot successful the satellite to commencement and standard crypto-companies.”

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