Michaela
The UK government has introduced the Crime and Policing Bill, a legislative proposal aimed at expanding law enforcement’s authority to confiscate illicit assets, including cryptocurrencies linked to criminal activity. The bill seeks to strengthen financial crime enforcement amid the growing use of digital assets in illegal transactions.
Currently in its second reading in the House of Commons, the proposed legislation would expand the Crown Court’s authority over confiscation orders if enacted. The Crime and Policing Bill also establishes guidelines for valuing and handling crypto property that cannot be sold, ensuring a structured approach to digital asset forfeiture.
“This bill will strengthen the ability of the criminal justice system to pursue those who have benefited from criminal activity,” a corresponding factsheet stated.
The proposed legislation builds upon the Economic Crime and Corporate Transparency Act of 2023, which granted authorities the power to freeze and confiscate cryptocurrency linked to illegal activities.
Beyond enhancing seizure powers, the Crime and Policing Bill introduces measures to streamline asset recovery, enabling law enforcement to retrieve stolen funds more efficiently and redirect them to victims. It aims to prevent individuals involved in digital asset-related crimes from profiting from illicit activities, reinforcing efforts to curb financial misconduct in the evolving crypto landscape.
The Crime and Policing Bill is part of the UK’s ongoing efforts to strengthen regulation of digital assets, as authorities increase oversight of the crypto sector.
Crime and Policing Bill: A Necessary Step in Combating Crypto-Related Crimes
Over the past year, the government has introduced stricter measures to address financial risks associated with cryptocurrencies.
In October 2024, the Financial Conduct Authority (FCA) reaffirmed its commitment to strict cryptocurrency regulations, arguing that its rigorous oversight is essential for combating money laundering and financial crimes. The regulatory body emphasized that maintaining high standards is necessary to protect investors and prevent illicit activities within the digital asset sector.
The push for stricter crypto regulations comes amid a rise in crypto-related crimes across the UK, with illicit transactions increasingly linked to the country. A particularly alarming trend involves violent home invasions targeting individuals with digital assets.
In one high-profile case, seven British men were sentenced to a combined 76 years in prison in January after kidnapping and torturing a victim to coerce the transfer of cryptocurrency worth hundreds of thousands of dollars. This growing threat has reinforced the need for stronger safeguards and enforcement measures to combat financial crimes in the digital asset space.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
