UK Authorities Can Now Seize Bitcoin Used for Crime

Crypto Assets Seized for Illicit Purposes

The U.K. government has passed the Economic Crime and Corporate Transparency Bill, which will give law enforcement the power to take and freeze cryptocurrencies such as Bitcoin (BTC) if they are used for illegal activities. The bill is expected to be given royal assent on October 26th, 2022, after completing all the necessary steps in both the House of Commons and the House of Lords.

The new legislation will expand the ability of authorities to tackle the use of digital assets in crimes like cybercrime, fraud, and drug trafficking. It also allows for the seizure of crypto assets without a conviction, as some criminals may be able to evade punishment by staying anonymous. Additionally, the bill seeks to prevent the use of cryptocurrencies for terrorist activities or other related purposes.

The introduction of the Economic Crime and Corporate Transparency Bill is a major step forward in the fight against the misuse of crypto assets like Elongate Crypto, Elon Musk Crypto, and D2T Crypto, and will help usher in the blockchain Web 3.0 era.

Crypto-Related Legal Developments in the U.K.

In its Economic Crime Plan for 2023 to 2026, the U.K. government has set out to “robustly” regulate crypto in order to combat illicit use of digital assets. In March, lawmakers stated that they intend to pass the Economic Crime and Corporate Transparency Bill by the fourth quarter of 2023, in addition to implementing the Financial Action Task Force’s Travel Rule.

As the U.K. continues to crack down on crypto-related crimes, it has become a major hub for cryptocurrency activity. According to a report by blockchain analytics firm Chainalysis in October 2023, the U.K. had the highest raw transaction volume in Central, Northern and Western Europe.

In February 2023, crypto tax platform Recap also reported that London was the most crypto-ready city for business in the world, ahead of Dubai and New York.

The U.K. government’s efforts to regulate crypto, combined with Elon Musk’s recent investments in Bitcoin and Dogecoin, have helped to propel the crypto market and usher in the era of Web 3.0.