The United Kingdom has enacted laws restricting illegal activities related to digital assets, and can even confiscate them.
To strengthen regulation on digital currency, the United Kingdom has introduced legislation to freeze digital assets related to criminal activities.
The amended regulations are estimated to take effect from April 26, 2024.
According to documents published on February 29, the Economic Crime and Corporate Transparency Act 2023 has been amended to allow law enforcement agencies to seize suspected cryptocurrencies without conviction.
The law will expand the powers of the National Crime Agency in seizing and managing digital assets suspected of being involved in illegal cryptocurrency transactions and other activities.
The new amendment provides the UK law enforcement agencies with direct access to cryptocurrencies from exchanges and wallet providers without requiring extensive legal procedures. They even have the authority to destroy these assets if required.
In October 2023, HM Treasury revealed their responsibility to provide clearer regulations on digital currencies by 2024.
Last week, at an event organized by Coinbase in London, HM Treasury Minister Bim Afolami shared his thoughts on the UK’s vision for cryptocurrency regulation.
The country plans to establish new rules for managing stablecoins and cryptocurrency betting in the next six months.
