The UK government wants to facilitate the confiscation of cryptocurrencies

A “Financial Crime and Corporate Transparency” Bill was launched in the UK Parliament yesterday to improve police powers over cryptocurrencies to combat cybercrime, cash laundering and “international kleptocrats”.

While not particularly focusing on cryptocurrencies, the invoice would make it simpler and quicker for regulation enforcement businesses akin to the National Crime Agency (NCA) to “seize, freeze and get well cryptocurrencies” via the “Criminal Act”. (Continuing Action Against Crime) was strengthened and modernized, handed in 2002 to fight cash laundering.

NCA director basic Graeme Bigger stated in a press release: “Domestic and worldwide criminals have been abusing UK company constructions for years to launder the earnings of their crime and corruption and use cryptocurrencies. These reforms – lengthy overdue and really welcome – will assist us handle each.”

Last summer time, the Financial Crimes Command Unit of the Metropolitan Police (Met) seized billions of {dollars} price of cryptocurrencies in two separate raids. In June, the authority returned $158 million after investigating a collection of cash laundering offences.

Just three weeks later, below the identical investigation, the Met beat its earlier seizure and seized $250 million.

Crypto: The UK Approach

Overall, the UK is all in favour of cryptocurrency know-how as probably revolutionary. The earlier British government was very warm to this, a lot in order that in April it introduced plans to grow to be a “world hub for crypto asset know-how”.

At the time, Chancellor Rishi Sunak stated in a press release on the matter: “My ambition is to make Britain a world hub for crypto asset know-how and the measures we’re outlining as we speak will assist guarantee corporations can make investments, innovate and scale on this nation. do

Sunak’s important proposal for the regulation of cryptocurrencies included the regulation of stablecoins as “a acknowledged type of cost”.

The British government additionally introduced that it’s working with the Royal Mint – the official coin maker of Great Britain – to create NFTs (Non-Fungible Tokens) which can initially be issued in the summer time, though autumn is nearly upon us and never but. Updates have arrived.

Protecting customers

In January, the government revealed its plans to defend customers from fraudulent cryptocurrency adverts.

The government stated it’s aligning all cryptocurrency promoting with present monetary promoting legal guidelines to “improve client safety and encourage innovation.”

This signifies that cryptocurrency promoting requires approval from the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) or an organization licensed by both.

In March, the Advertising Standards Authority (ASA) issued a “pink alert” to greater than 50 cryptocurrency corporations, asking them to align their promoting efforts with a brand new set of tips. The ASA co-ordinated intently with the FCA to ship the launch.

*Translated by Wagner Riggs with permission from Decrypt.co.

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