UK Legislators Propose New Bill to Strengthen Crypto Asset Recovery
UK legislators are pushing forward a new bill aimed at empowering law enforcement to confiscate cryptocurrency linked to criminal activities. The Crime and Policing Bill, currently undergoing review in the House of Commons, focuses on enhancing asset recovery measures to combat various criminal offenses.
Key Highlights of the Bill:
- Focus on public order offenses, terrorism, sexual crimes, and economic fraud
- Emphasis on crypto asset recovery to return illicit digital assets to victims
- Streamlining asset recovery processes and closing legal loopholes
Expanded Authorities Under the Bill
One significant provision within the bill is the strengthening of the Crown Court’s authority in issuing confiscation orders related to cryptocurrencies. With this enhancement, the Crown Court can now oversee the forfeiture of digital assets associated with unlawful activities, previously handled only by magistrates’ courts.
“[The bill] extends to the Crown Court powers – currently only available to magistrates’ courts – in relation to money, cryptoassets, and personal property.”
The bill also introduces guidelines for the destruction of seized cryptocurrencies, with valuation adjustments based on market prices at the time of disposal to ensure financial accuracy.
“Where the property obtained was cryptoassets and has been destroyed by virtue of a court order, the value is the market value at the time as set out by the order.”
Furthermore, law enforcement agencies will have broader authority to seize digital assets suspected of involvement in illegal activities, even before the conclusion of formal criminal proceedings. These measures aim to prevent individuals from benefiting from illicit gains during ongoing investigations.
