TechFlow reports that UK lawmakers have passed a bill that will help law enforcement seize and freeze cryptocurrency assets used in criminal activities. The Economic Crime and Corporate Transparency Act covers a range of offenses from drug trafficking to cybercrime, and is expected to receive royal assent and take effect on Thursday. Provisions in the bill grant local police broader powers to seize crypto assets linked to crime even without a conviction, which experts say will be particularly useful in time-sensitive cases.
First introduced in September last year, the bill has since been amended to extend its measures to cover terrorism. Additional standalone provisions have also been added to assist authorities in seizing other assets that could help identify crypto assets involved in criminal activity.
While the UK has expressed ambitions to become a global hub for cryptocurrency and has enacted legislation to legitimize digital assets in the country, it has simultaneously intensified efforts against crypto-related crime and fraud. Law enforcement agencies have already seized hundreds of millions of pounds worth of crypto assets tied to criminal activities and deployed crypto tactical advisors across police forces nationwide to support investigations.
