The U.K. Parliament's upper chamber, the House of Lords, has passed the Economic Crime and Corporate Transparency Bill that would authorize law enforcement agencies to seize and freeze crypto assets used for crime. The move took the legislation to the final stages before being formally signed into law. The bill was first introduced in September 2022. - The House of Lords did not change any crypto aspect of the bill, though the legislation previously saw some amendments that would extend its scope.
- The government has also appointed tactical advisors to police departments across the country to help identify and seize digital assets used for crime.
- In March, the U.K. government said its three-year economic crime plan includes combating the criminal abuse of crypto assets.
- As the next step, the bill will be returned to the lower chamber of Parliament to agree on a final version.
- When both chambers agree upon the legislation, it will be sent to the King to be approved and passed into law.
In the U.K., King Charles III also recently officially approved the Financial Services and Markets Bill (FSMB) that recognizes crypto as a regulated activity. - The act has given the Treasury, Financial Conduct Authority (FCA), Bank of England (BoE), and Payments Systems Regulator the authority to introduce and enforce regulations regarding the crypto industry.
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