UK to Boost Crypto Seizure Powers with New Crime Bill

• The U.K. government plans to enact a new bill to give local courts and law enforcement agencies more power to freeze and confiscate crypto assets linked to crime.
• The Economic Crime and Corporate Transparency Bill aims to remove legal hurdles and expedite the process of targeting tainted crypto in criminal cases.
• Currently, U.K. authorities can only seize crypto assets if there is an arrest or conviction, allowing criminals to potentially move their assets before they can be frozen.
• The new bill will allow courts to order the confiscation of assets before arresting the suspect, but the suspect will retain the assets until they are arrested or convicted.
• The change will be particularly useful in cases where suspects are unlikely to face justice in the U.K., such as fraudsters operating from abroad.
• The U.K. government has pledged £100 million ($124 million) over three years to combat economic crime, including crypto-related crimes.
• The bill aims to crack down on money laundering, drug trafficking, cybercrime, and terrorism, while also potentially boosting the U.K.'s public purse through the sale of seized crypto assets.
• The U.K. ranked fourth globally in terms of crypto seizures by law enforcement agencies in 2020, with a total value of $303 million.
• However, some experts warn that the bill could drive criminals to move their assets to less regulated jurisdictions to evade detection and seizure.

The sentiment of the article is mostly positive, highlighting the U.K. government's efforts to combat crypto-related crimes and the potential benefits of the new bill. However, there is also a cautionary note regarding the possibility of criminals evading detection and seizure by moving their assets to less regulated jurisdictions.