Britain to simplify seizure of cryptocurrency in terrorism cases

Authorities in the United Kingdom plan to simplify the procedure by which law enforcement agencies can confiscate digital assets used to finance terrorism. CoinDesk reports.

A Home Office spokesperson told the publication that the amendments are provided for in the Economic Crime and Transparency Bill. In September, it was sent to Parliament for consideration.

“This is designed to ensure that our law enforcement agencies, including counter-terrorism units, have all the necessary powers to effectively seize, freeze, and confiscate crypto assets,” said a spokesman for the department.

In the second reading of the bill, Home Secretary Suella Braverman explained the need for the amendments, arguing that cryptocurrencies are increasingly used for malicious and terrorist purposes.

Earlier in the summer of 2022, UK Minister for Digital, Culture, Media and Sport Chris Philp announced plans to turn the country into a “crypto hub”.

In the same period, the UK Parliament introduced a Bill on financial services and markets. The document is aimed at creating a regulatory framework for stablecoins and combating economic crime.

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