UK Government Tightens Grip on Crypto Crime: New Bill Targets Illicit Funds

The UK government has introduced the Crime and Policing Bill, a comprehensive legislation aimed at bolstering the country's ability to recover proceeds from cryptocurrency-related crime. The bill, which covers a range of criminal issues including anti-social behavior, sexual offenses, public order, and terrorism, places a significant emphasis on facilitating the confiscation of criminal assets, particularly those involving cryptocurrencies.

The bill outlines provisions for valuing cryptocurrency, procedures for courts to recover illicit funds, and expanded powers for the Crown Court to issue seizure orders. It extends the Crown Court's authority, allowing it to manage money, cryptocurrency, and personal property in cases of criminal confiscation. This expansion aims to streamline the management of confiscation orders, ensuring that cryptocurrency can be more effectively seized, valued, and recovered in criminal cases.

Certain provisions in the bill introduce measures for the destruction of seized cryptocurrency assets. If a court orders the destruction of cryptocurrency, the market value at the time of destruction will be considered, with adjustments made for any later changes in value. This ensures that even if assets are lost, their value can be accurately assessed.

Further changes outlined in the bill amend provisions for handling cryptocurrency. The bill replaces references to the magistrates' court with the relevant court, extending jurisdiction over cryptocurrency assets to the Crown Court. These updates aim to enhance the efficiency of the confiscation process, enabling law enforcement agencies to more effectively pursue and recover illicit funds derived from cryptocurrency-related crimes.