The United Kingdom has introduced new measures to strengthen the powers of law enforcement agencies to seize cryptocurrencies linked to criminal activities.
The UK Home Office announced on Friday (April 26) These new rules, which arise from a Crime Bill passed by Parliament last year, has come into effect. Under new rules, police officers in the UK will no longer be required to make an arrest if they seize crypto assets
More powers for the National Crime Agency and police to seize, freeze and destroy cryptocurrency used by criminals come into force from today.
The change aims to streamline the process of confiscating assets acquired through criminal means, even when sophisticated criminals manage to conceal their identities or operate from foreign locations. The UK police force has already deployed crypto tactical advisors across the country and successfully seized crypto value millions of pounds,
In a notable case from January, the country’s National Crime Agency collaborated with the US Drug Enforcement Administration to investigate a pharmaceutical enterprise, resulting in a seizure $150 million in cash and crypto, Chief Crown Prosecutor Adrian Foster stressed the importance of these new measures in enabling investigators and prosecutors to keep pace with the evolving nature of crime.
UK is preparing to tighten crypto laws
Seized crypto assets will be transferred to wallets controlled by law enforcement agencies, and authorities will have the authority to destroy these assets if reintroducing them into circulation is deemed detrimental to the public well-being. Privacy coins, in particular, were highlighted as an example of asset types that could be liquidated following seizure.
Home Secretary James Cleverley underlined the importance of these reforms in enhancing national security, noting that terrorist organizations such as Daesh are known to exploit crypto transactions for fundraising purposes. The updated powers will enable agencies to wrest their assets from these groups more effectively.
This development follows recent reports United Kingdom Treasury plans to introduce a regulatory framework for cryptocurrencies And stablecoins until July 2024. The UK has been working hard on crypto regulation for quite some time and it is back in action at the end of October 2023 Released its definitive guidelines for the cryptocurrency sectorThe intention is to legislate in phases starting this year.
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