UK Tightens Crypto Crime Grip: New Bill Boosts Asset Seizure Powers

The UK government has introduced a new crime bill that aims to bolster the powers of law enforcement agencies in retrieving funds from crypto-related criminal activities. The Crime and Policing Bill, introduced by the Home Office on Tuesday, includes measures to value destroyed crypto assets and set conditions for courts to retrieve funds. It also extends the country's Crown Court powers in relation to confiscation orders.

According to a corresponding factsheet, the bill is designed to "strengthen the ability of the criminal justice system to pursue those who have benefited from criminal activity." This legislation builds upon the Economic Crime and Corporate Transparency Act, which was enforced in 2023 and enabled police to freeze and seize crypto assets more swiftly.

The new bill introduces provisions for valuing crypto assets that have been destroyed, which may be necessary if they cannot be sold. It also outlines conditions for courts to retrieve funds and extends the powers of the Crown Court in relation to confiscation orders. This will enable law enforcement agencies to more effectively pursue and recover funds from crypto criminals.

The UK's efforts to combat crypto-related crime and strengthen its legal framework for crypto assets have been ongoing. In 2023, the Economic Crime and Corporate Transparency Act was passed, which allowed police to freeze and seize crypto assets more quickly. The new crime bill builds upon this legislation, further enhancing the UK's ability to tackle crypto-related criminal activities.