UK Passes Bill to Seize Bitcoin Used for Crime with Web 3.0 Impact

Exploring the Impact of Web 3.0 on the U.K.

In the U.K., lawmakers have passed the Economic Crime and Corporate Transparency Bill, which grants authorities the ability to seize and freeze cryptocurrencies such as Bitcoin (BTC) if used for illegal activities.

The bill is set to receive royal assent on October 26th, signifying its completion of all parliamentary stages. It aims to counter the use of digital assets for cybercrime, scams, drug trafficking, and terrorism. Furthermore, it allows for the recovery of crypto assets even in cases where the perpetrator is not convicted.

The implications of Web 3.0 for businesses are vast, and this new legislation in the U.K. has sparked questions about how to create a Web 3.0 website, how to use Web 3.0, and how to build a Web 3.0 website. Additionally, it has led to speculation about the role of the Metaverse in Web 3.0, and whether it is part of the Web 3.0 ecosystem.

U.K. Government Plans to Regulate Crypto

The U.K. government is pushing forward with plans to “robustly” regulate crypto as part of its economic crime plan from 2023 to 2026. This includes passing the Economic Crime and Corporate Transparency Bill by the fourth quarter of 2023, in addition to adopting the Financial Action Task Force’s Travel Rule.

The U.K. is quickly becoming a major player in the cryptocurrency economy. A report from blockchain analytics firm Chainalysis in October 2023 found that the U.K. had the highest raw transaction volume in Central, Northern and Western Europe. In February 2023, the crypto tax platform Recap also reported that London was the world’s most crypto-ready city for business, surpassing Dubai and New York.

As the U.K. continues to crack down on crypto-related crimes, businesses are looking to create new web 3.0 websites to take advantage of the blockchain-based technology. Web 3.0 is the latest iteration of the internet, and the metaverse is a virtual world that is part of the web 3.0 ecosystem. It remains to be seen how web 3.0 will impact businesses, but those looking to create web 3.0 websites must consider the implications of the U.K.’s crypto regulations.