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UK Government Wants More Power to Seize Crypto Assets: Report
The reforms will be set out under a new economic crime bill aimed at addressing the use of digital currencies to hide the origin of potentially nefarious funding.
Updated May 11, 2023, 5:19 p.m. Published Feb 28, 2022, 9:31 a.m.
The U.K. government is proposing a set of reforms, which will give it greater power to seize crypto assets, to tackle money laundering, the Financial Times reported on Monday.
- The reforms will be set out under a new economic crime bill aimed at addressing the use of digital currencies to hide the origin of potentially nefarious funding, FT reported.
- Ministers will soon publish a white paper proposing reforms to the Companies House, the U.K.'s registrar where all businesses must submit financial statements and other information.
- The reforms will insist that applicants registering new companies should provide more details of their identities.
- These proposals are being brought forward in conjunction with another economic crime bill introducing a register of overseas entities, requiring foreign owners of companies to reveal their identities to prevent criminals from concealing funds behind shell companies.
- Such legislation has been been in the works for some time but was delayed in favor of other measures that had more mass appeal.
- The government is now accelerating its plans in response to Russia's invasion of Ukraine, which has sharpened concerns about the flow of "dirty money" into the U.K.
Read more: Ukraine Asks Exchanges To Freeze Russian, Belarusian Crypto Accounts
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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- U.S. Senator Elizabeth Warren, the ranking Democrat on the Senate Banking Committee, is calling for a probe into DeFi platforms, especially on their relationship with the business interests of President Donald Trump.
- Warren's pushback comes as the Senate is still negotiating the details of a crypto market structure bill, a process that's now drifted into January.
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