UK bill focused on seizing illegal crypto moves to final stages


19 Sep 2023 8:41 PM

The bill would expand authorities' abilities to seize and freeze crypto used in crimes including money laundering and drug trafficking....

  • The Economic Crime and Corporate Transparency Bill in the UK is in the final stages of approval.
  • The bill aims to expand law enforcement's ability to seize and freeze cryptocurrency used in crimes such as money laundering and drug trafficking.
  • It has passed through both the House of Commons and the House of Lords and is awaiting consideration of amendments before becoming law.
  • The consideration of amendments is scheduled for October 18th.
  • The legislation would link to the Proceeds of Crime Act 2002, making it easier for authorities to seize and freeze crypto connected to criminal activities.
  • The UK has been increasing its regulation and crackdown on cryptocurrency, including ads and transaction reporting.

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What is the purpose of the Economic Crime and Corporate Transparency Bill?What stage is the bill currently in?How will the bill make it easier for law enforcement to seize and freeze cryptocurrency?When is the consideration of amendments scheduled to take place?What other regulations has the UK implemented regarding cryptocurrency?

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