Britain approves bill to simplify confiscation of crypto assets

The Parliament of the United Kingdom passed the Economic Crime and Corporate Transparency Act. It expands authorities’ powers to freeze and seize crypto assets linked to money laundering and the illicit drug trade.

The new rules build on an earlier statute — the Proceeds of Crime Act of 2002 — the Proceeds of Crime Act.

The authors expect that broadening the toolkit available to law enforcement will improve the mechanism’s effectiveness and speed up the seizure of digital currencies linked to criminal activity.

One such measure would allow confiscation without a criminal indictment — where there is compelling evidence that funds were used in illicit operations.

The document also contains provisions enabling authorities to seize other instruments — for example, those that help trace \”criminal\” crypto assets.

The bill still requires royal assent.

Earlier in June, the UK finally approved the Financial Services and Markets Act, which covers various aspects of cryptocurrency regulation. The Act also codifies stablecoins as a form of payment.