The UK government moves to crack down on crypto crime! The Economic Crime and Corporate Transparency Bill is progressing, potentially strengthening authorities' fight against the illicit use of digital assets.
Lawmakers in the upper house of the Parliament of the United Kingdom are moving forward with legislation aimed at expanding authorities’ ability to target cryptocurrencies used for illicit purposes.a third reading of the Economic Crime and Corporate Transparency Bill — legislation introduced in September 2022 as part of efforts to streamline law enforcement’s authority to crack down on crypto-related financial crime.
Members of the House of Lords did not appear to propose any changes related to crypto enforcement in the bill’s most recent reading, describing recommendations as “minor” or “tidying up” amendments.provisions amending existing frameworks to allow authorities greater flexibility in the confiscation and civil recovery of crypto assets. In addition, the legislation clarified the government’s authority over digital assets “intended to be used for the purposes of terrorism” or related reasons. U.K.
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