UK passes bill to confiscate cryptocurrencies

United Kingdom
United Kingdom

The UK House of Lords has approved a bill to seize and freeze digital assets linked to criminal activity.

The initiative was put forward in September 2022. In October, lawmakers introduced amendments to make it easier to confiscate cryptocurrencies in terrorist financing cases. Before the final entry into force, the document must pass through the House of Commons.

The Economic Crimes and Corporate Transparency Bill gives law enforcement the power to urgently block criminal transactions and gives courts the ability to request seizure of funds.

In order to identify illegal activity, the UK authorities have appointed digital asset advisers to advise the police and other law enforcement agencies.

In a statement released ahead of the first hearings, the authorities mentioned that the new laws would cement the UK’s reputation as a place for legitimate business to thrive and eliminate sources of illegal income.

As part of the fight against financial crime, regulations require company registration and identity verification.

Earlier, Bloomberg reported on the tightening of requirements for crypto firms in the United Kingdom. According to journalists, local regulators began to reject applications, block accounts and request more information regarding client transactions.

In March 2023, the authorities introduced a three-year “Plan to Combat Economic Crime”, which provides for measures to strengthen the fight against the use of cryptocurrencies for criminal purposes.

In February, the Treasury unveiled plans to introduce oversight of bitcoin exchanges.

Recall that the UK Financial Supervisory Authority has announced the dates for the entry into force of the cryptocurrency advertising regime. The rules will come into effect on October 8, 2023.

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