UK lawmakers have passed legislation allowing authorities to seize and freeze cryptocurrencies such as Bitcoin (BTC) used for illegal purposes.
according to Official data from the British Parliament Bill website shows that the Economic Crime and Corporate Transparency Bill is expected to receive Royal Assent on October 26, which means that the bill will complete all parliamentary stages in both houses of Parliament.
Introduced in September 2022, the bill aims to expand the authorities’ ability to combat the use of cryptocurrencies for criminal activities such as cybercrime, fraud and drug trafficking.
One of the provisions of the Economic Crime and Corporate Transparency Act Authorize Recover crypto assets used in crimes without conviction, as some may avoid conviction by maintaining distance. The bill also aims to combat the use of digital assets “for terrorist purposes” or related reasons.
The latest cryptocurrency-related legal developments in the UK are in line with the government’s plans to “robustly” regulate cryptocurrencies to combat the illegal use of digital assets as part of its Economic Crime Plan 2023 to 2026. In March, UK lawmakers said they aimed to pass the Economic Crime and Corporate Transparency Bill by the fourth quarter of 2023, in addition to the Financial Action Task Force’s travel rules.
related: California bill aims to cap cryptocurrency ATM withdrawals at $1,000 per day to combat scams
As the UK government has been cracking down on cryptocurrency-related crime, the country has emerged as a major cryptocurrency economy. According to an October 2023 report by blockchain analytics firm Chainaanalysis, the UK is the largest cryptocurrency country in Central, Northern and Western Europe in terms of raw transaction volume.
In February 2023, cryptocurrency tax platform Recap also reported that London was the most business-friendly city in the world for cryptocurrencies, ahead of Dubai and New York.
Magazine: Blockchain Detective – Mt. Gox Collapse Witnessed the Birth of Chainaanalysis
Svlook
