UK’s Law Enforcement to Seize Illicit Crypto Under New Law
- UK lawmakers have unanimously voted on a cybersecurity-focused bill.
- The bill has been assented into law.
- The bill will allow the direct seizure of crypto assets suspected to be involved in crime.
The United Kingdom (UK) of Great Britain is doubling down on illegal crypto crackdowns to curb social vices enabled by the nascent digital assets industry.
Following several amendments to the Economic Crime and Corporate Transparency Bill, introduced to parliament last September, lawmakers have finally passed the bill, empowering local law enforcement to seize illicit crypto directly.
Law Enforcement to Seize Illegal Crypto
On October 26, lawmakers in the UK parliament passed a wide-ranging bill that covers multiple crimes, including cybercrime and drug trafficking. The bill received royal assent on Thursday, making it an official Act of Parliament (law).
In part, provisions of the Economic Crime and Corporate Transparency Bill transfer broader enforcement powers to local police and allow law enforcement officers to seize and freeze crypto assets used in crime without a conviction.
The bill also includes a provision that empowers local law enforcement to seize crypto asset-related items, such as properties that contain information that could be used to access targeted digital assets for the purposes of seizure.
The bill’s enactment into law will help the police seize more illicit crypto, especially in time-sensitive cases, and punish individuals who attempt to resist a seizure.
Specifically, the amendment makes it an offense to resist or assault a law enforcement officer trying to seize a crypto asset.
Read why the UK financial regulator is concerned about crypto marketing:
UK Regulator Warns About “Common Issues” in Crypto Marketing
Read how the FCA resisted political pressure to open up the UK market to crypto:
FCA Resisted Political Push to Open UK Crypto Market Access
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin drops below $100,000 after Fed Chair Powell’s comment against BTC reserve
Bitcoin fell below the $100,000 mark on Wednesday following Federal Reserve chair Jerome Powell’s comments.Powell spoke against the idea of a U.S. national bitcoin reserve, while giving a hawkish 2025 outlook.
Announcement on adjustment of the maintenance margin rate and position tiers for multiple USDT-M perpetual futures trading pairs
Bitget has adjusted the the maintenance margin rate and position tiers of the following futures trading pairs on December 19, 2024, 11:00(UTC+8): LUMIAUSDT, ENSUSDT Refer to Position Tiers for details of the tier adjustment. The adjustment has been made to reduce the risk of your positions and impr
World Liberty Financial and Ethena Labs Partnership Boosts sUSDe Stablecoin Usage in DeFi
BlackRock Surpasses 1 Million ETH in ETF, Boosting Confidence in Ethereum