March 27, 2024
UK Bolsters Efforts to Tackle Crypto Crime as Bill Nears Completion
Latest Cryptocurrency News

UK Strengthens Crypto Regulation with Economic Crime and Corporate Transparency Bill

Lawmakers in the United Kingdom have approved legislation that grants authorities the power to confiscate and freeze cryptocurrencies such as Bitcoin when used for unlawful purposes.

According to information on the U.K.’s Parliamentary Acts website, the Economic Crime and Corporate Transparency Bill is set to obtain royal assent on October 26, signifying the bill’s completion of all required stages in both houses of parliament.

Introduced in September 2022, the enacted legislation is designed to enhance the authorities’ capacity to combat the use of cryptocurrency in criminal activities such as cybercrime, scams, and drug trafficking.

One component of the Economic Crime and Corporate Transparency Bill allows for the recovery of crypto assets linked to criminal activities even in the absence of a conviction, as certain individuals may remain elusive to prosecution. The legislation also addresses the use of digital assets for purposes related to terrorism.

This recent development in U.K. crypto-related legislation is consistent with the government’s commitment to implementing robust regulations aimed at countering the illicit use of digital assets, as outlined in its economic crime plan for the period from 2023 to 2026. In March, U.K. lawmakers expressed their intention to pass the Economic Crime and Corporate Transparency Bill by the fourth quarter of 2023, along with adopting the Financial Action Task Force’s Travel Rule. Consequently, the U.K. government’s efforts to combat crypto-related crimes have contributed to the country’s emergence as a prominent cryptocurrency economy.

According to a report from blockchain analytics firm Chainalysis in October 2023, the U.K. leads in terms of raw cryptocurrency transaction volume in Central, Northern, and Western Europe. Furthermore, in February 2023, the crypto tax platform Recap reported that London had become the world’s most crypto-ready city for business, surpassing cities like Dubai and New York.

Image by pixabay

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