UK Promotes A New Law To Seize And Recover Cryptocurrencies

2 years ago · Updated 2 years ago

✍️ 23 September, 2022 - 19:43 👤 Editor: Jakub Motyka

A new bill has been tabled before the UK parliament, regarding cryptocurrencies.
It seeks to help authorities seize digital currencies that are used for illicit purposes.

Will this proposal be positive for the adoption of cryptocurrencies in this country?

The UK government has introduced a new bill for parliament that will make it easier for authorities to seize, freeze and recover cryptos like Bitcoin (BTC), Ethereum (ETH), and other altcoins. The intention behind this new project is to combat money laundering, fraud, and other crimes by allowing authorities to go after illegally obtained crypto assets. Finally, its objective is to redirect economic crimes, while helping companies grow.

The announcement of the project was made on Thursday and, according to what the government said, legislators have introduced the bill on economic crimes and corporate transparency in Parliament in order to combat illicit assets. Overall, this new proposal will make it easier for agencies to enforce the law. Similarly, it will force companies to be more transparent with respect to their capital.

What Is The New UK Project About?

According to what was indicated in Parliament, this new law will be able to reduce the “bureaucracy around the responsibility of confidentiality. This will allow the authorities to “force companies to deliver information that could be related to money laundering”. This means that, despite the privacy behind transactions with this type of digital currency, companies must indicate the information behind their assets.

The government went on to report that “The strengthening of the powers in the Products Law will modernize the legislation. This will allow agencies to keep pace with technological changes to prevent these assets from financing crime. Thus, it will be easier and faster for the National Crime Agency to seize, freeze and recover crypto assets. In this way they will also prevent this currency from being used by organized crime to launder their profits.”

How Does This Law Help The Adoption Of Cryptocurrencies In The UK?

Europe is one of the fastest moving continents when it comes to cryptocurrency adoption. In the UK, many companies, including banks, hedge funds, brokerage firms and much more, have indicated that they trust digital currencies. Various studies predict that in this country it only takes approximately 10 years for the adoption to be general and definitive. However, this type of law helps speed up the process, making the projections more optimistic.

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