New UK Bill Will Allow the Government to Freeze and Recover Crypto Assets

The United Kingdom wants to introduce a new crypto law that will allow authorities to seize crypto assets in an effort to combat money laundering and cybercrime prevalent in the sector.

In other news, the Biden administration has introduced a new crypto framework outlining essential regulations for cryptocurrencies, while the European Union is poised to impose new regulations that will treat NFTs as securities.

Dubbed the Economic Crime and Corporate Transparency Bill, the bill seeks to seize crypto assets laundered via illegal means to fight unethical activities and fraud prevalent in the crypto industry.

New crypto law to allow the government to seize, freeze, and recover crypto assets

Dubbed the Economic Crime and Corporate Transparency Bill, the bill seeks to seize crypto assets laundered via illegal means to fight unethical activities and fraud prevalent in the crypto industry.

The bill has been introduced to drive 'dirty money' out of the UK economy.

The proposal states:

The Economic Crime and Corporate Transparency Bill will strengthen the UK’s reputation as a place where legitimate businesses can thrive while driving dirty money out of the UK.

The Companies House will have the necessary powers to 'check, challenge, and decline incorrect or fraudulent information' related to companies and cross-check the data to establish the legitimacy of the organisations intending to do business in the UK.

In addition, the bill also seeks to permit law enforcement agencies the ability to seize, freeze, and recover crypto assets if the assets were laundered illegally.

Speaking about the new UK bill, Director General of the National Crime Agency Graeme Biggar said:

Domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing UK company structures and are increasingly using cryptocurrencies. These reforms—long-awaited and much welcomed—will help us crack down on both.

It seems the U.K is willing to go to any length to prevent unlawful money laundering and fraudulent operations in its economic sector.

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