UK Adopts Innovative Law Allowing Seizure of Cryptocurrencies Used in Criminal Activities
The United Kingdom has taken a significant step forward by adopting a new bill on economic crimes related to cryptocurrencies. This legislation, which is expected to receive royal assent soon, will enable authorities to seize and freeze illegally used cryptos. This measure is part of a broader effort to combat economic crimes, including money laundering, drug trafficking, and terrorism.
One of the notable features of this law is that it allows for the seizure of cryptocurrency assets even without a criminal conviction.
Towards Stricter Regulation in the UK?
The adoption of this law is part of a larger context of cryptocurrency regulation in the United Kingdom. Indeed, the Financial Conduct Authority (FCA) has recently implemented new rules concerning advertising around cryptocurrencies and issued over 220 warnings against various companies in the sector. The British branch of Binance exchange has been heavily impacted by this law.
However, it is worth noting that the UK is not completely shutting the door on cryptocurrencies. The country seeks to strike a balance between encouraging innovation in the digital asset field and implementing strict regulations to protect consumers and combat illegal activities.
Nevertheless, this has led to frustration among many investors who see these measures as a potential hindrance to the growth and popularization of cryptocurrencies.
