UK Has Introduced Law to Seize Crypto

T

he Economic Crime and Corporate Transparency bill is meant to build on an earlier law that helped regulators place sanctions on Russia.

The U.K. has introduced a bill that would make it easier for law enforcement officials to seize, freeze, and recover cryptocurrency assets used in criminal activities such as money laundering, drug dealing, and cybercrime.

The Home Office, Department for Business, Energy & Industrial Strategy, Serious Fraud Office, and Treasury all introduced 250-page Economic Crime and Corporate Transparency legislation and this bill goes beyond cryptocurrencies.

"For years, domestic and international criminals have laundered the proceeds of their crimes and corruption by misusing UK company structures, and they are increasingly turning to cryptocurrencies," said National Crime Agency Director General Graeme Biggar.

In July of 2021, London's Metropolitan Police seized a record 180 million British pounds (US$200 million) in crypto linked to international money laundering following a 114 million-pound seizure in June, according to the BBC.

Jonathan

An editor at Coincrop

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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.