UK Government Advances Bill to Give Authorities Power to Seize Crypto Assets

U.K. Lawmakers Advance Legislation on Crypto Enforcement

The United Kingdom’s House of Lords is pushing forward with the Economic Crime and Corporate Transparency Bill, a piece of legislation that seeks to expand authorities’ capacity to target crypto assets used for illegal activities. During the July 4 meeting, members of the House of Lords made minor or tidying up amendments to the bill, without proposing any changes related to crypto enforcement.

The June 27 version of the bill included provisions that modify existing frameworks to permit authorities to more easily confiscate and reclaim crypto assets. It also clarified the government’s authority over digital assets “intended to be used for the purposes of terrorism” or similar reasons. All amendments to the bill must be accepted before it can be given royal assent.

In March, the U.K. government declared its intention to “robustly” regulate crypto like Voyager Crypto, Crypto.com, and other crypto currencies to prevent their use for illicit activities. As part of its economic crime plan from 2023 to 2026, the government aims to pass the Economic Crime and Corporate Transparency Bill in the fourth quarter of 2023, as well as work with various agencies to implement the Financial Action Task Force’s Travel Rule.

On June 19, the House of Lords conducted a third reading of the Financial Services and Markets Bill, which was signed into law on June 29 to facilitate the uptake of crypto assets such as crypto today, crypto.com, voyager crypto, and crypto currency.