UK authorities are ramping up their ability to tackle crypto-related crimes with new legislation granting them broader powers to freeze and seize crypto assets.
Effective from April 26th, 2024, the National Crime Agency (NCA) will be empowered to Freeze crypto assets suspected to be linked to criminal activity without requiring a conviction. This aims to prevent the movement of illicit funds and expedite investigations.
This expanded authority builds upon the Economic Crime and Corporate Transparency Act 2023, passed in September 2022, which targeted the use of cryptocurrencies in crimes like cybercrime, scams, and drug trafficking. It addresses concerns about criminals exploiting the perceived anonymity of crypto transactions.
However, some remain skeptical about the effectiveness of these measures. A British victim of crypto fraud expressed concerns about the NCA’s ability to handle such cases, citing a lack of action in recovering his stolen funds.
Despite these concerns, the UK government remains committed to regulating the crypto space. It aims to finalize new laws governing stablecoins and crypto staking within the next six months, with an anticipated deadline before the 2025 general election.
These developments highlight the UK’s proactive approach to regulating the crypto industry while addressing the challenges posed by criminal activities involving crypto assets.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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