News

The United Kingdom Efforts To Eliminate Illegal Cryptocurrencies

The United Kingdom announced legislation Thursday to make it simpler for law enforcement authorities to confiscate, freeze, and reclaim crypto assets used in illicit activities like money laundering, drug trafficking, and cybercrime.
The United Kingdom Efforts To Eliminate Illegal Cryptocurrencies 3

The 250-page Economic Crime and Corporate Transparency Bill, initially announced in May, was submitted by the Home Office, Department for Business, Energy and Industrial Strategy, Serious Fraud Office, and Treasury, and it includes provisions for more than simply cryptocurrency. It received its first reading in the House of Commons on Thursday, with the second reading set for October 13.

Graeme Biggar, director general of the U.K.’s National Crime Agency, said:

“Domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing U.K. company structures, and are increasingly using cryptocurrencies. These reforms – long-awaited and much welcomed – will help us crack down on both.”

The bill was initially introduced by King Charles — who was still Prince at the time — in May during the Queen’s Speech to both chambers of the United Kingdom Parliament. The country’s Economic and Finance Ministry is also aiming to include stablecoins as a payment method in its regulatory framework.

The United Kingdom Efforts To Eliminate Illegal Cryptocurrencies 4

According to the UK government, extending the government’s capacity to confiscate, freeze, and reclaim cryptocurrency based on law makes it easier to inflict harsh penalties on anyone associated with Russian President Vladimir Putin following the invasion of Ukraine.

The measure was introduced following the death of Queen Elizabeth II and the replacement of Prime Minister Liz Truss by Boris Johnson.

Following the lead of other countries, the Treasury modified instructions earlier this month to require crypto exchanges and wallet providers to notify suspected sanction violations. The United States and the European Union also underlined that their penalty provisions apply to cryptocurrency.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

7 minutes ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

36 minutes ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

1 hour ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

2 hours ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

2 hours ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

2 hours ago

This website uses cookies.