The United Kingdom government has released statutory instrument documentation stating that law enforcement authorities in the nation will not require a conviction to freeze crypto assets. This additional power will help law enforcement seize suspect crypto assets. They will no longer need to go through extensive legal proceedings to seize assets that they believe are linked to illegal activities. The law will come into being on April 26, 2024.
The document outlines amendments to the Economic Crime and Corporate Transparency Act 2023. It increases the power vested in the National Crime Agency, which can now more easily confiscate crypto assets.
The document outlines other features, including the ability of law enforcement to retrieve crypto assets directly from exchanges and custodian wallet providers. The enforcement authorities also have the power to destroy crypto assets if required.
The document does not specify how the crypto assets can be destroyed, but tokens can be burned by transferring them to wallet addresses that burn crypto and take them out of circulation.
Scammers, drug traffickers, and cybercrime criminals often use crypto as their currency and easily move tokens through wallets and exchanges. By including exchanges and wallets under their purview, if necessary, law enforcement authorities will gain additional powers, as crypto has to be stored in exchanges or wallets.
The UK government is also looking to pass crypto-specific regulations this year. In 2022, Conservative Prime Minister Sunak said that his administration wanted to make the UK a “global crypto hub.”
The administration must pass crypto laws before next January, when the country faces a general election. Early polls show that the opposition has a lead in the polls, and the Labor government does not have much sympathy or support for cryptocurrency.
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