{"id":7398,"date":"2022-09-25T23:25:38","date_gmt":"2022-09-25T23:25:38","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=7398"},"modified":"2022-09-25T23:25:39","modified_gmt":"2022-09-25T23:25:39","slug":"uk-proposes-new-law-to-seize-freeze-and-recover-crypto-assets-easier-and-faster","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7398","title":{"rendered":"UK Proposes New Law to &#8216;Seize, Freeze and Recover&#8217; Crypto Assets Easier and Faster"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The British government has presented the Economic Crime and Corporate Transparency Bill to Parliament that will \u201cmake it easier and quicker\u201d for law enforcement agencies \u201cto seize, freeze and recover crypto assets.\u201d The government stressed: \u201cWe must ensure that law enforcement agencies have the right legislative framework in place to recover criminals\u2019 crypto assets.\u201d<\/strong><\/p>\n<h2>UK\u2019s New Bill to Help Authorities Seize, Freeze, and Recover Crypto<\/h2>\n<p>The British government introduced the Economic Crime and Corporate Transparency Bill in the House of Commons Thursday. The bill \u201caims to strengthen the U.K.\u2019s fight against economic crime,\u201d the government detailed, noting that \u201cIt will also support efforts to tackle terrorist financing.\u201d<\/p>\n<p>The government explained:<\/p>\n<p>The new law will make it easier and quicker for law enforcement agencies such as the National Crime Agency to seize, freeze and recover crypto assets \u2014 the digital currency increasingly used by organized criminals to launder profits from fraud, drugs and cybercrime.<\/p>\n<p>Moreover, the bill includes amendments to the Proceeds of Crime Act 2002 (POCA) to support the recovery of crypto assets.<\/p>\n<p>\u201cWe must ensure that law enforcement agencies have the right legislative framework in place to recover criminals\u2019 crypto assets to ensure crime does not pay and prevent those assets being used to fund further criminality and terrorist activities,\u201d the government continued. \u201cThe use of this digital currency has significantly increased in recent years, with the Metropolitan Police reporting a big rise in cryptocurrency seizures last year.\u201d<\/p>\n<p>Director General of the National Crime Agency Graeme Biggar commented:<\/p>\n<p>Domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing U.K. company structures, and are increasingly using cryptocurrencies.<\/p>\n<p>Crypto regulation may be undergoing changes in the U.K. under the new prime minister, Liz Truss. Several key officials who previously worked on the country\u2019s crypto policy resigned from government before she took office, including Former Chancellor of the Exchequer Rishi Sunak and Economic Secretary to the Treasury John Glen.<\/p>\n<p>In May, the U.K. government outlined its plans to support crypto adoption and affirmed its commitment to regulate stablecoins.<\/p>\n<p>Sunak said in April: \u201cIt\u2019s my ambition to make the U.K. a global hub for crypto asset technology, and the measures we\u2019ve outlined today will help to ensure firms can invest, innovate, and scale up in this country.\u201d Glen similarly said: \u201cWe want this country to be a global hub \u2014 the very best place in the world to start and scale crypto-companies.\u201d<\/p>\n<p><em><strong>What do you think about the U.K. Economic Crime and Corporate Transparency Bill? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/uk-proposes-new-law-to-seize-freeze-and-recover-crypto-assets-easier-and-faster\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The British government has presented the Economic Crime and Corporate Transparency Bill to Parliament that will \u201cmake it easier and quicker\u201d for law enforcement agencies \u201cto seize, freeze and recover crypto assets.\u201d The government stressed: \u201cWe must ensure that law enforcement agencies have the right legislative framework in place to recover criminals\u2019 crypto assets.\u201d UK\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7399,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-7398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7398"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7398\/revisions"}],"predecessor-version":[{"id":7400,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7398\/revisions\/7400"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7399"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}