UK Cracks Down On Crypto With New Law Enforcement Powers
The UK is enhancing its control over cryptocurrency, giving law enforcement agencies new powers to combat cyber-related crimes.
The Economic Crime and Corporate Transparency Act 2023 allows law enforcement to freeze digital assets linked to suspected criminal activity without securing a conviction.
It also authorizes authorities to seize crypto assets directly from exchanges and custodian wallet providers to disrupt the flow of illicit funds and prevent criminals from accessing their gains.
In extreme cases, the legislation allows authorities to destroy seized bitcoin assets through “burning” the tokens.
The National Crime Agency (NCA) is establishing the Crypto Cell to investigate and combat crypto-related crimes.
The UK plans to introduce comprehensive regulations within the next six months, including clear guidelines for stablecoins, digital assets pegged to traditional currencies, and staking services.
(With inputs from Shikha Singh)
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