The UK authorities have amended legislation to allow law enforcement agencies to freeze crypto assets without waiting for a court verdict.
According to the updated Law on Economic Crimes and Corporate Transparency, the National Agency for Combating Crime will be given expanded powers to seize crypto assets.
If the agency suspects that digital assets are associated with illegal or simply questionable activities, it can act in circumvention of the court procedure. Given that criminals will try to avoid punishment by staying abroad, new amendments to the law will allow the confiscation of crypto assets without prior detention of the accused.
Cryptocurrency exchanges and custodial wallet providers will be able to transfer digital assets to the authorities. If necessary, officials will be able to destroy cryptocurrencies. This is usually done by sending it to a special address for incineration, but the law does not specify the exact method of destroying crypto assets.
The amendments will come into force on April 26, 2024. It is expected that they will help the British authorities to deal more effectively with the use of cryptocurrencies for cybercrime, fraud and drug trafficking.
According to the updated Law on Economic Crimes and Corporate Transparency, the National Agency for Combating Crime will be given expanded powers to seize crypto assets.
If the agency suspects that digital assets are associated with illegal or simply questionable activities, it can act in circumvention of the court procedure. Given that criminals will try to avoid punishment by staying abroad, new amendments to the law will allow the confiscation of crypto assets without prior detention of the accused.
Cryptocurrency exchanges and custodial wallet providers will be able to transfer digital assets to the authorities. If necessary, officials will be able to destroy cryptocurrencies. This is usually done by sending it to a special address for incineration, but the law does not specify the exact method of destroying crypto assets.
The amendments will come into force on April 26, 2024. It is expected that they will help the British authorities to deal more effectively with the use of cryptocurrencies for cybercrime, fraud and drug trafficking.
