UK lawmakers are committed to protecting their citizens from crypto crime, with new legislation that would give police the authority to target cryptocurrencies used for unlawful activity.
UK lawmakers took a step closer to cracking down on crypto-related financial crime on July 4, as they conducted a third reading of the Economic Crime and Corporate Transparency Bill.
During the most recent reading of the bill, members of the House of Lords did not appear to suggest any significant amendments to its provisions regarding crypto enforcement.
A June 27 version of the bill would give authorities greater flexibility in confiscating and recovering crypto assets, amending existing frameworks.
The new legislation gives the government the power to seize digital assets that are intended for terrorism or other illicit purposes.
The UK government announced in March that it will crack down on cryptocurrency crime with a “robust” regulatory framework.
UK lawmakers are taking a two-pronged approach to cryptocurrency regulation, with plans to pass the Economic Crime and Corporate Transparency Bill by the fourth quarter of 2023 and to apply the Travel Rule of the Financial Action Task Force, which will coordinate with multiple agencies.