New UK Economic Crime and Corporate Transparency Bill Enables Authorities To ‘Seize, Freeze and Recover’ Crypto

UK lawmakers propose a new law that could pave way for tougher measures on crypto following the election of Prime minister Liz Truss who previously commented about freeing the industry from overly strict regulations.

According to UK’s information website, the Economic Crime and Corporate Transparency Bill primarily aims to drive dirty money out of the country and allow legitimate businesses to thrive amid plans by the government to turn the UK into a global hub for crypto investments.

If approved, the law will enable law enforcers to compel businesses to submit information related to money laundering and terrorist financing. It will also empower authorities, including the National Crime Agency, to seize, freeze and recover crypto assets.

The bill calls for more stringent control of digital coins as criminal organizations increasingly use the new asset class to launder proceeds of illicit activities, including those that involve drugs and cybercrimes.

“The use of this digital currency has significantly increased in recent years, with the Metropolitan Police reporting a big rise in cryptocurrency seizures last year. Strengthening powers in the Proceeds of Crime Act will modernize the legislation to ensure agencies can keep pace with the rapid technological change and prevent assets from funding further criminality.”

Legislators propose the new measure following the election of Truss whose past statements suggest she is pro-crypto. In 2018, she shared her view on restrictive crypto regulations.

“We should welcome cryptocurrencies in a way that doesn’t constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity.”

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