Seizing crypto associated with crimes has become law in the UK

The United Kingdom parliament introduced that crypto used for a crime be seized and frozen by law enforcement agencies. The bill following the King’s approval has become a law.

“Following agreement by both Houses on the text of the bill it received Royal Assent on 26 October 2023. The bill is now an Act of Parliament (law),” the UK parliament stated in an official publication for the Economic Crime and Corporate Transparency Bill.

Activities that concern the Economic Crime and Corporate Transparency Bill involve several criminal activities including drug trafficking and cyber-related crimes.

In September, the bill was introduced and has since undergone amendments, and was passed by Parliament on Wednesday. The amendments made to the bill were aimed to ensure the measures therein covered terrorism. Also, non-crypto assets that can help pin down crypto-linked crimes can be seized by authorities, according to the measure presented in the bill.

Local cops via the bill are empowered to seize crypto with criminal links “without a conviction.”

The UK has been on the move to legislate and legitimize crypto activities, introducing measures that would flag down illegal crypto offers by service providers. Recently, the UK FCA in its promotion regime said it has issued over 200 alerts to crypto assets service providers going against the regime guidelines. Broadly, UK regulators have been clamping down on crypto crime and scams. 

The police department in the nation now has crypto advisers in place to aid investigations. According to reports, “law enforcement agencies have already seized hundreds of millions of pounds worth of crypto tied to criminal activity.” 

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