UK passes bill to enable authorities to seize Bitcoin used for crime
Filed in September 2022, the Economic Crime and Corporate Transparency Bill is expected to receive royal assent on Oct. 26, 2023. Lawmakers in the United Kingdom have passed legislation allowing authorities to seize and freeze cryptocurrencies like Bitcoin (BTC) if used for illicit purposes. According to official data on the U.K.’s parliamentary acts website, the Economic Crime and Corporate Transparency Bill is expected to receive royal assent on Oct. 26, meaning the bill would complete all the parliamentary stages in both houses of parliament. Introduced in September 2022, the passed legislation aims to expand authorities ’ ability to crack down on the use of cryptocurrency in crime s like cyber crime , scams and drug trafficking. One of the provisions of the Economic Crime and Corporate Transparency Bill permits the recovery of crypto assets used in crime s without conviction, as some individuals may avoid conviction by remaining remote. The legislation also aims to combat the us...