The UK’s Economic Crime and Corporate Transparency Bill, set to become law in October 2023, empowers authorities to seize Bitcoin used in illicit activities. Learn how this legislation aligns with the UK’s crackdown on crypto-related crimes.
The United Kingdom has taken a decisive step in its battle against crypto-related crimes by passing the Economic Crime and Corporate Transparency Bill. This legislation, introduced in September 2022, is set to receive royal assent on October 26, 2023. Under this bill, authorities will have the legal authority to seize and freeze cryptocurrencies like Bitcoin (BTC) when they are used for illicit purposes.
One notable provision of this bill allows for the recovery of crypto assets even without a criminal conviction, making it more challenging for individuals to evade punishment. The focus of this legislation is on cracking down on the use of digital assets in crimes such as cybercrime, scams, drug trafficking, and even for financing terrorism.
This move by the UK government aligns with its commitment to robustly regulate cryptocurrency to combat the misuse of digital assets. The UK’s efforts in this area have positioned it as a significant player in the global crypto economy, with London recognized as the world’s most crypto-ready city for business, according to a report by crypto tax platform Recap.