The British Parliament will consider a bill aimed at tackling cybercrime and money laundering. In particular, the measure would broaden law enforcement powers over cryptocurrencies.
According to the description, the proposal would simplify and speed up ‘seizure, freezing and return of digital assets’.
“Internal and international criminals have for many years laundered the proceeds of their crimes and corruption, abusing the structures of British companies, and increasingly use cryptocurrencies,” said Graeme Biggar, head of the National Crime Agency.
In late June 2021, the Metropolitan Police Service, as part of a money-laundering investigation, seized £114 million in cryptocurrency (about $158 million at the time).
Later, authorities announced the largest confiscation of digital assets — around £180 million ($250 million).
In the summer of 2022, the UK Digital Secretary Chris Philp announced plans to turn the country into a ‘crypto hub’.
In the UK Parliament, introduced the Financial Services and Markets Bill. The document aims to create a regulatory framework for stablecoins and combat economic crime.
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