UK Lawmakers Roll Out Legislation to Seize Cryptocurrencies Us | Crypto Miami

UK Lawmakers Roll Out Legislation to Seize Cryptocurrencies Used for Illegal Purposes

The UK Parliament has passed a bill that allows law enforcement authorities to seize cryptocurrencies associated with illicit activities. This includes investment scams, hacks, terrorism financing, money laundering, and drug trafficking.

Per an official announcement on its website, the new bill, dubbed the ‘Economic Crime and Corporate Transparency Act,’ will expand the authority of local law enforcement to clamp down and recover digital assets linked to cybercrimes.

The Economic Crime and Corporate Transparency Bill was passed on October 25 and received formal approval (Royal Assent) on October 26.

One of the bill’s provisions is the confiscation of digital assets linked to illicit activities without conviction. Additionally, the law intends to combat using cryptocurrencies to fund terrorism.