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Tougher Crypto Seizure Laws
The UK government has introduced a new bill aimed at cracking down on crypto-related crimes. This legislation expands law enforcement’s power to seize and destroy digital assets linked to illegal activity.
Key points of the bill:
- Enhanced confiscation powers – The Crown Court can now issue confiscation orders specifically for crypto assets.
- Streamlined asset recovery – Stolen funds can be recovered and returned to victims more efficiently.
- Destruction guidelines – If assets need to be destroyed, their value will be assessed based on market prices at the time.
- Complementary to previous laws – Builds on the 2023 Economic Crime and Corporate Transparency Act (EECTA), which gave authorities power to freeze and seize illicit crypto.
Why This Matters
Crypto-related crime is rising in the UK, with annual illicit transactions estimated between $1.7 billion and $5.1 billion. Law enforcement is facing increasingly complex challenges, including:
Violent Home Invasions
- A group of seven British men was sentenced to a total of 76 years in January for kidnapping and torturing a man to steal his crypto.
- In 2020, a victim in Scotland was forced at machete-point to transfer their digital assets.
Fraud and Money Laundering
- In 2017, criminals exploited a loophole in the Australian exchange CoinSpot to withdraw large sums undetected.
- A gang convicted of money laundering was ordered to repay $30 million in stolen funds.
With these new measures, the UK aims to curb crypto crime and prevent criminals from profiting from their illegal activities.
