UK Parliament Passes Law Regarding Crypto! If This Happens, Cryptocurrencies Can Be Seized!

UK Parliamentpassed the bill that would help seize and freeze cryptocurrencies used for crime.

Bill Presented in September Now Entering Its Final Stages in Parliament

The Economic Crime and Corporate Transparency Bill, which aims to assist law enforcement in the seizure and freezing of cryptocurrencies involved in criminal activities in the UK, took an important step towards becoming law by passing the upper house of Parliament today.

While the House of Lords has not made any changes to the crypto-related aspects of the bill, previous actions have led to amendments being made to ensure the measures cover cases of terrorism and to provide authorities with tools to confiscate assets that can help identify cryptocurrencies associated with criminal behavior.

There was also a change that would allow courts to require the seizure and freezing of cryptocurrencies used in criminal activities.

In March, the UK government announced its commitment to combat the illegal use of cryptocurrencies as part of its three-year economic crime agenda.

The country has appointed crypto advisors to police departments across the country to help detect and seize digital assets linked to criminal activities.

The bill’s approval by the House of Lords means it will return to the House of Commons for the final stages before it becomes law.

Once both houses have agreed on the bill’s content, the king’s signature will be required for the bill to become official.

*Not investment advice.