The United Kingdom has passed a law that allows authorities to seize bitcoins used for crime
Lawmakers in the United Kingdom have passed legislation that would allow authorities to seize and freeze cryptocurrencies such as Bitcoin (BTC) if they are used for illegal purposes.
According to official information on the UK's Parliamentary Acts website, the Economic Crime and Corporate Transparency Act is expected to receive royal assent on October 26, meaning the bill will complete all levels of Parliament in both Houses of Parliament.
The approved law, which was introduced in September 2022, aims to expand authorities' ability to control the use of cryptocurrencies in crimes such as cybercrime, fraud and drug trafficking.
One of the provisions of the Economic Crime and Corporate Transparency Act allows for the recovery of crypto assets used in crime without conviction. The law also aims to combat the use of digital assets for “terrorist purposes” or related purposes.
The latest crypto-related legislative development in the United Kingdom is in line with plans to “strongly” regulate crypto to combat the illegal use of digital assets as part of the Economic Crime Plan 2023 to 2026. In March, UK lawmakers said they were aiming to pass the Economic Crime and Corporate Transparency Act by the fourth quarter of 2023, in addition to approving Financial Conduct Task Force travel guidance.
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As the UK government cracks down on crypto-related crimes, the country has emerged as a major cryptocurrency economy. In the year According to an October 2023 report by blockchain analytics firm Chinalysis, the United Kingdom is the largest crypto country in Central, Northern and Western Europe by raw transaction volume.
In the year The February 2023 Crypto Tax Forum Recap also reported that London is the world's most business-ready city, ahead of Dubai and New York.
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