Two Countries Take Action for Cryptocurrency Regulations!

The UK is set to strengthen its fight against crypto-related crime with the imminent introduction of the Economic Crime and Corporate Transparency Act. This law is set to give local courts and law enforcement authorities sweeping new powers to step up the freezing of cryptocurrencies linked to illegal activities such as money laundering, drug trafficking, cybercrime and terrorism. On the other hand, Hong Kong is also taking action after the JPEX stock exchange scandal. Here are the details…

Cryptocurrency move came from the United Kingdom

Traditionally, the seizure of tainted crypto assets in criminal prosecutions was conditional on an arrest or conviction. This hurdle often allowed criminals to quickly move targeted assets before law enforcement could get court approval to freeze them. However, the upcoming bill would remove this arrest requirement, allowing courts to order asset seizures even before an arrest is made. Although assets can be frozen to prevent their movement, suspects’ assets technically cannot be seized until an arrest or conviction is achieved.

The removal of this requirement is being hailed as a significant development in the UK’s cryptocrime-fighting arsenal. According to Phil Ariss, UK Public Sector Relations Director at TRM Labs, this change will be particularly effective in cases where entities have strong links to criminal activity but suspects are unlikely to face justice in the UK. This may also include people committing fraud from outside the country and targeting UK residents.

Any assets linked to the crime will be seized

One of the most notable aspects of the bill is the introduction of new civil seizure powers. These powers would allow for the seizure of crypto assets linked to crime, regardless of whether a person has been convicted of criminal offences. Funds may be seized pursuant to court proceedings, a development that promises to further crack down on crypto-related criminal activity. One of the critical advantages of the bill is its ability to reduce delays in implementation efforts and prevent rapid movement of funds, which is a major concern in the field of cryptocurrencies.

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The UK has already taken significant steps in seizing crypto assets linked to illegal activities. In 2022, police officers reportedly seized more than £300 million ($371 million) of cryptocurrency linked to a variety of criminal behavior. However, the bill is expected to increase these figures significantly. Data from the National Crime Agency shows that illegal crypto transactions related to the United Kingdom amounted to approximately 1.24 billion euros ($1.53 billion) in 2021. With the new powers granted by the bill, there is new optimism about pursuing these significant sums. Isabella Chase, Senior Policy Advisor at blockchain analysis firm TRM Labs, predicts that a significant portion of the seized cryptocurrency will fund ongoing efforts to combat financial crimes.

Hong Kong takes action against JPEX and BTC and altcoin companies

In other news, Hong Kong regulators are looking to tighten the noose around the crypto market after six people were arrested following allegations of fraud around an unlicensed crypto exchange called JPEX. Hong Kong Chief Executive John Lee Ka-Chiu told reporters on September 19 that the government would step up efforts to inform investors and remind them that they should only use platforms licensed by the Securities and Futures Commission, the Associated Press reported. The JPEX issue came to the fore on September 13, when the SFC publicly reported that it had received more than 1,000 complaints about the unregistered crypto exchange platform and alleged losses of over 1 billion Hong Kong dollars ($128 million).

These 3 Altcoins Gained Profits for Their Investors: What Are Their Next Moves? In its warning, the SFC noted that JPEX promoted the platform’s services and products to the Hong Kong public through online celebrities and over-the-counter money changers. While the problems with JPEX were revealed to the public with the warning of the SFC, many users of the platform became unable to withdraw their funds, and some complained about their wallet balances decreasing. Following the Hong Kong watchdog’s warning to the exchange, the platform reportedly increased the withdrawal fee to $1,0000 to deter users from withdrawing their assets. The crypto exchange later blamed third-party market makers for the ongoing liquidity crisis on the platform, which resulted in the withdrawal fee being increased. Hong Kong police also arrested influencer Joseph Lam (Lin Zuo) for his involvement with crypto exchange JPEX.

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