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

The British government has presented the Economic Crime and Corporate Transparency Bill to Parliament which “will make it easier and faster” for law enforcement to “seize, freeze and recover crypto assets”. The government stressed: “We must ensure that law enforcement has the right legislative framework to recover the cryptographic assets of criminals.”

The new UK bill to help authorities seize, freeze and recover cryptocurrencies

The UK government presented the Economic Crime and Corporate Transparency Bill to the House of Commons on Thursday. The bill “aims to strengthen the UK’s fight against economic crime”, the government detailed, noting that “it will also support efforts to counter terrorist financing”.

The government explained:

The new law will make it easier and faster for law enforcement agencies such as the National Crime Agency to seize, freeze and recover crypto assets, the digital currency increasingly used by organized crime to launder profits from fraud, drugs and cybercrime.

Additionally, the bill includes amendments to the Proceeds of Crime Act 2002 (POCA) to support the recovery of cryptographic assets.

“We must ensure that law enforcement has the right legislative framework to recover cryptographic assets of criminals to ensure that crime does not pay and prevent those assets from being used to finance further criminal and terrorist activities,” the government continued. “The use of this digital currency has increased significantly in recent years, with the Metropolitan Police reporting a sharp rise in cryptocurrency seizures over the past year.”

National Crime Agency Director-General Graeme Biggar commented:

National and international criminals have been laundering the proceeds of their crimes and corruption for years by abusing UK corporate structures and using more and more cryptocurrencies.

Cryptocurrency regulation could undergo changes in the UK under the new prime minister, Liz Truss. Several key officials who previously worked on the country’s crypto policy resigned from the government before he took office, including former Chancellor of the Exchequer Rishi Sunak and Treasury Economic Secretary John Glen.

In May, the UK government outlined its plans to support cryptocurrency adoption and affirmed its commitment to regulating stablecoins.

Sunak said in April: “It is my ambition to make the UK a global hub for cryptocurrency technology and the measures we have outlined today will help ensure that companies can invest, innovate and grow in this country.” Likewise, Glen said: “We want this country to be a global hub, the best place in the world to start and scale cryptocurrencies.”

What do you think of the UK’s Economic Crime and Corporate Transparency Bill? Let us know in the comments section below.

Kevin Helms

Austrian economics student Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin’s security, open source systems, network effects, and the intersection of economics and cryptography.

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