UK House of Lords passes bill to seize stolen crypto
The bill also aims to set provisions for corporate transparency and overseas business registrations....
- The Economic Crime and Corporate Transparency Bill in the United Kingdom aims to expand authorities' ability to target illicit cryptocurrency usage.
- The bill has gone through the House of Commons and is now in the final stages of approval by the House of Lords.
- Amendments have been made to clarify the bill's intent of targeting monetary proceeds from fraud or other financial crimes.
- The bill also includes provisions for corporate transparency and overseas business registrations.
- The House of Commons will decide whether to accept the proposed amendments or recommend changes to the bill.
- Once approved, the bill will become law through royal assent.
- The Financial Conduct Authority (FCA) in the UK is willing to work with crypto companies to develop a regulatory framework.
- The FCA's responsibilities include ensuring compliance with Anti-Money Laundering and Counter-Terrorist Financing legislation.
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