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UK Government Implements Stricter Laws to Combat Crypto Crime
The UK government recently enacted new laws on April 26 aimed at granting the National Crime Agency (NCA) and police enhanced powers to seize, freeze, and destroy digital assets associated with criminal activities. These legislative changes are part of the UK’s broader strategy to combat cybercrime and manage the risks and benefits of digital assets in the economy.
The update to the UK’s proceeds of crime and anti-terrorism laws has eliminated the requirement for an arrest prior to seizing cryptocurrency. This adjustment specifically targets criminals who maintain anonymity or operate from overseas. Law enforcement officers now have the authority to seize items such as written passwords or memory sticks that could aid in criminal investigations and transfer illicit digital assets to government-controlled electronic wallets, effectively cutting off criminal access.
Furthermore, authorities now have the power to destroy certain digital assets, particularly privacy coins that provide high anonymity and are commonly used in illegal transactions. This measure aims to prevent these assets from re-entering circulation and being used for nefarious purposes.
Enhancing National Security and Economic Growth
Home Secretary James Cleverly emphasized the importance of these reforms in enhancing national security and supporting economic growth through legitimate uses of cryptocurrencies. He stated, “We are making it much easier for law enforcement to stay on top of a new and developing threat by ensuring that criminals can never benefit from breaking the law.”
In recent operations, the NCA and the United States Drug Enforcement Administration successfully dismantled a multi-million-dollar drug network, seizing $150 million in cash and cryptocurrencies. Other notable cases include the conviction of individuals using crypto for counterfeit drug sales on the dark web and VAT fraud involving non-fungible tokens (NFTs).
Adrian Foster, Chief Crown Prosecutor, highlighted the importance of adapting to technological advances, stating, “Investigators and prosecutors must have the capability and agility to keep pace with the changing nature of crime.”
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