UK Passes Law Allowing Seizure of Illegally Obtained Cryptocurrency

British lawmakers have passed a bill that will help law enforcement agencies confiscate and freeze cryptocurrencies used in criminal activities. The Economic Crime and Corporate Transparency Bill covers a wide range of offenses, from illegal drug trafficking to cybercrime, and is expected to receive royal assent on Thursday, after which it will become law.

Expanded Powers for Law Enforcement

Under the new legislation, authorities will have broader powers than before. These include the ability to confiscate or freeze cryptocurrencies without a court conviction if there are reasonable grounds to believe the assets were obtained illegally. Experts believe this will be especially helpful in urgent cases.

Balancing Crypto Innovation and Crime Prevention

While the UK has expressed its ambition to become a global hub for cryptocurrencies and has enacted some laws to legitimize their use in the country, it is also actively fighting crypto-related crime and fraud. Law enforcement agencies have already seized hundreds of millions of pounds worth of criminally linked cryptocurrency and have hired crypto advisors in police departments across the country to assist with investigations.