New Crime Bill Aimed at Crypto Criminals Introduced by U.K. Government
The U.K. government has unveiled a significant new crime bill on Tuesday, designed specifically to enhance the capabilities of law enforcement agencies in their fight against crypto-related crime. This proposed legislation, known as the Crime and Policing Bill, introduces a range of measures that will facilitate the recovery of funds from criminals who exploit cryptocurrencies.
Among the key provisions of the bill is a framework for valuing destroyed cryptocurrency assets. In situations where law enforcement agencies find it necessary to destroy seized crypto assets that cannot be sold, the bill outlines how to appropriately assess their value. Additionally, it establishes clear guidelines for courts regarding the retrieval of funds, thereby extending the powers of the Crown Court in relation to confiscation orders.
“This bill will significantly enhance the ability of the criminal justice system to pursue individuals who have profited from illegal activities,” stated a factsheet accompanying the bill. This legislative initiative builds upon the earlier Economic Crime and Corporate Transparency Act, enacted in 2023, which empowered law enforcement to freeze and seize cryptocurrencies more efficiently.
As the landscape of financial crime continues to evolve, this new bill represents a proactive step by the U.K. government to safeguard the integrity of the financial system and deter criminal activities associated with digital currencies.
