A new law in the UK allows the seizure of crypto assets

The UK government has just released documents notifying that the country's law enforcement agencies will soon have… The ability to seize crypto assets without having to undergo extensive legal proceedings.

The Economic Crime and Corporate Transparency Act 2023, which was passed on 26 October 2023, now includes wide-ranging provisions relating to crypto assets, including how authorities can… Investigate, arrest, or deal with them in criminal casess.

Furthermore, the Act provides a means by which UK authorities can do this Seizing crypto assets or specific fiat value from exchanges or “crypto asset service providers”.

New legal powers

The document says:

“The court may order a UK-connected crypto asset service provider that manages a cryptocurrency wallet in which crypto assets are held:

(a) the realization of the crypto-assets, or a portion of the crypto-assets that has a specified value,

(b) pay the proceeds of such enforcement to an officer appointed by the court on account of the amount due under the confiscation order, up to a maximum of,

(c) To the extent the proceeds of enforcement exceed the amount due under the forfeiture order, pay the excess to the appropriate officer specified in the order..

According to a new document, the provisions will enter into force in April 26.

future regulations

New rules and regulations are being planned stablecoins and crypto bets in the UK, according to recent reports.

The Bloomberg report reveals that Economic Treasury Secretary, Bim Afolami, later highlighted at an event organized by cryptocurrency exchange Coinbase in London that the government is, finally, “pushing hard” for… Implement the necessary regulations.