UK Government Plans to Regulate Crypto Assets to Combat Economic Crime

[cryptoupdate]

The UK government has announced its intention to regulate crypto assets as a means of combating economic crime.​

The United Kingdom (UK) government recently released a policy paper outlining its plan to regulate crypto assets in a "robust" manner. The move is part of the government's economic crime plan from 2023 to 2026, which aims to prevent the illicit use of digital assets and make the UK an attractive destination for crypto assets and innovation.

The government's plan to regulate crypto assets is a positive development for the industry as it creates a more transparent and secure environment for businesses and consumers.

By preventing the use of digital assets for illegal activities, such as money laundering and terrorism financing, the government can build trust in the industry and encourage more investment. The policy paper also highlights the need to combat the shift of crypto transactions to less regulated exchanges and services in other jurisdictions...READ MORE

 

[volynschikov]

UK Crypto: New Bill Allows Authorities to Seize Illicit Crypto​

The United Kingdom has passed the Economic Crime and Corporate Transparency Bill, which gives law enforcement agencies the power to seize illicit digital assets. The legislation aims to combat a range of criminal activities, including drug trafficking, cybercrime, and terrorism. UK Home Secretary Suella Braverman believes that the bill will have a significant impact on the fight against organized crime and ultimately keep the country safe. The government states that the bill’s purpose is to address economic crime, corporate transparency, and the registration of overseas entities.

The bill has been under discussion since September 2022 and has undergone several amendments. Local law enforcement now has the authority to confiscate cryptocurrency associated with criminal activities without the need for a prior conviction. This provision allows authorities to act swiftly in time-sensitive cases where there is compelling evidence linking cryptocurrency to illicit activities. Transparency International UK has described the legislation as landmark, strengthening the country’s defenses against fraud and money laundering.

Source: Crypto