The United Kingdom is preparing to take an important step, giving its security forces the authority to seize cryptocurrency assets used in criminal activities, including terrorism. This new authority is expected to come into force on April 26.
This development follows the recent approval of secondary legislation as a follow-up to the country's Economic Crime and Corporate Transparency Act 2023. The 2023 Law gave law enforcement the authority to seize and freeze crypto assets used for criminal purposes.
Among the provisions of the 2023 Act, which is expected to come into force shortly, is the civil compensation regime for crypto. This regime, along with crypto asset confiscation orders, will enable authorities to seize crypto-related items. According to the legislation, these items are defined as “an item of property that contains or provides access to information that may assist in the seizure of any crypto asset.”
Recently, the former British finance minister joined cryptocurrency exchange Coinbase as a global advisor.
*This is not investment advice.