- UK lawmakers have unanimously voted on a cybersecurity-focused bill.
- The bill has been assented into law.
- The bill will allow the direct seizure of crypto assets suspected to be involved in crime.
The United Kingdom (UK) of Great Britain is doubling down on illegal crypto crackdowns to curb social vices enabled by the nascent digital assets industry.
Following several amendments to the Economic Crime and Corporate Transparency Bill, introduced to parliament last September, lawmakers have finally passed the bill, empowering local law enforcement to seize illicit crypto directly.
Law Enforcement to Seize Illegal Crypto
On October 26, lawmakers in the UK parliament passed a wide-ranging bill that covers multiple crimes, including cybercrime and drug trafficking. The bill received royal assent on Thursday, making it an official Act of Parliament (law).
“Following agreement by both Houses on the text of the bill it received Royal Assent on 26 October 2023. The bill is now an Act of Parliament (law),” the UK parliament announced.
In part, provisions of the Economic Crime and Corporate Transparency Bill transfer broader enforcement powers to local police and allow law enforcement officers to seize and freeze crypto assets used in crime without a conviction.
The bill also includes a provision that empowers local law enforcement to seize crypto asset-related items, such as properties that contain information that could be used to access targeted digital assets for the purposes of seizure.
The bill’s enactment into law will help the police seize more illicit crypto, especially in time-sensitive cases, and punish individuals who attempt to resist a seizure.
Specifically, the amendment makes it an offense to resist or assault a law enforcement officer trying to seize a crypto asset.
Read why the UK financial regulator is concerned about crypto marketing:
UK Regulator Warns About “Common Issues” in Crypto Marketing
Read how the FCA resisted political pressure to open up the UK market to crypto:
FCA Resisted Political Push to Open UK Crypto Market Access