BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

UK Authorities Gain Power to Freeze Crypto Assets in Crime Fight

by Matoy
March 3, 2024
in Breaking News, Business, Crypto, Politics
A A
1
SHARES
Share on TwitterShare on Reddit
  • UK law set to allow the freezing of crypto assets by authorities without a prior conviction from April’s end.
  • Economic Crime and Corporate Transparency Act 2023 enables direct seizure from exchanges and the destruction of illicit crypto assets.
  • The move aims to enhance the crackdown on crypto-related crimes, including cybercrime and drug trafficking.

The UK has made a significant move in its ongoing battle against crime involving cryptocurrency. Starting from the end of April, law enforcement in the country will have the authority to halt the use of digital currencies in illegal activities without the need for a court’s guilty verdict first.

Enhanced Legal Framework

As part of the recent changes to the Economic Crime and Corporate Transparency Act 2023, the National Crime Agency and other law enforcement bodies will now have broader capabilities to intercept and take control of cryptocurrencies they believe are connected to crime. This includes the ability to access digital assets held in both exchanges and personal digital wallets, and, if deemed necessary, to eliminate these assets from circulation.

The process of removing a cryptocurrency involves sending it to a specific address where it can no longer be used, effectively reducing the total amount of that currency available.

A Response to Growing Concerns

This legislation comes as a response to the increasing use of digital currencies in illegal activities such as online fraud, drug sales, and other cybercrimes. It reflects the government’s commitment to staying ahead in the fight against such crimes. The law’s enactment on April 26 marks a pivotal step in this direction.

Despite the new powers, there have been criticisms regarding the effectiveness of UK agencies in handling cryptocurrency-related crimes. A notable case involved a British citizen who lost a significant sum to fraudsters but found the authorities lacking in their response to recover the lost assets.

In addition to these measures, the UK government has expressed intentions to further regulate the cryptocurrency sector, particularly focusing on stablecoins and the practice of crypto staking. Plans are in place to introduce new regulations within the next six months, aiming for completion before the upcoming elections slated for early 2025. This proactive approach underscores the government’s dedication to creating a safer and more regulated digital currency environment.

Tags: cryptoPoliticsUK
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

Chainlink Hits Pivotal Level as Whales Start Scooping Up LINK
Chainlink

Chainlink Hits Pivotal Level as Whales Start Scooping Up LINK

May 31, 2025
Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound
Crypto

Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound

May 31, 2025
Avalanche’s Road to $100: Ambitious or Achievable?
Crypto

Avalanche’s Road to $100: Ambitious or Achievable?

May 31, 2025
Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive
Bitcoin

Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive

May 31, 2025
SUI Dips but Trading Volume Pops — What’s Going On?
Crypto

SUI Dips but Trading Volume Pops — What’s Going On?

May 31, 2025
ADA Derivatives Spike as Traders Eye Next Move
Cardano

ADA Derivatives Spike as Traders Eye Next Move

May 31, 2025
Load More

Related News

Chainlink Hits Pivotal Level as Whales Start Scooping Up LINK

Chainlink Hits Pivotal Level as Whales Start Scooping Up LINK

May 31, 2025
Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound

Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound

May 31, 2025
Avalanche’s Road to $100: Ambitious or Achievable?

Avalanche’s Road to $100: Ambitious or Achievable?

May 31, 2025
Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive

Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive

May 31, 2025
SUI Dips but Trading Volume Pops — What’s Going On?

SUI Dips but Trading Volume Pops — What’s Going On?

May 31, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.