UK legalizes confiscation of crypto assets
The UK authorities have recently approved regulations aimed at expanding their ability to confiscate cryptocurrency assets, including bitcoin, legally involved in criminal activity.
Starting April 26, the new law will give UK law enforcement agencies the power to freeze digital assets for up to 90 days without a court order if there is a suspicion of involvement in criminal activity.
This measure is aimed at stopping illegal financing, preventing the transfer or concealment of assets. Indeed, the upcoming rule is based on the Economic Crimes and Corporate Transparency Act of 2023.
This expands the ability of law enforcement agencies to confiscate and immobilize specific crypto assets related to criminal offenses. These include money laundering, drug trafficking and terrorism.
