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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...

The government of the UK announced that crypto assets like Bitcoin and companies dealing with crypto would follow the financial promotion regime of the FCA . advertisement The Update Initially, the FCA announced a 24-hour cool-off period before the new rules sprung into action on October 8, 2023. However, on Thursday, the British Regulatory Authority announced that firms could apply for more time to comply. According to the FCA, firms may receive time until January 8, 2024, “to introduce features that require greater technical development,” as stated. The FCA stated, “Firms must first apply for the flexibility which would then allow them time to make the required back-office changes successfully.” Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read ...