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UK Law Enforcement Will Soon Have More Power to Seize Crypto Assets
The ability to take crypto used for crime, including terrorism, looks poised to take effect on April 26.
Updated Mar 8, 2024, 10:31 p.m. Published Mar 1, 2024, 6:19 p.m.
U.K. law enforcement agencies' enhanced ability to seize cryptocurrency assets in crime cases, including terrorism, looks poised to take effect on April 26, after provisions in a 2023 law got closer to reality on Thursday.
The secondary legislation approved this week follows the passing of the Economic Crime and Corporate Transparency Act 2023, which gave law enforcement powers to seize and freeze crypto used for crime.
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The provisions from the 2023 act that will come into force shortly include the civil recovery regime for crypto plus the crypto asset confiscation orders that allow authorities to take crypto-related items, defined as "an item of property that is, or that contains or gives access to information that is likely to assist in the seizure ... of any crypto asset," the legislation said.
Read more: UK Crime Bill Lets Cops Freeze Crypto Faster, Channels Tainted Assets to Public Funding
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