UK government moves forward on bill aimed at empowering authorities to seize crypto

The Economic Crime and Corporate Transparency Bill underwent its third reading in the House of Lords, and lawmakers will now review any proposed changes before finalizing it as a law. The bill focuses on enhancing authorities’ capabilities to target illicit use of cryptocurrencies.

During the House of Lords meeting on July 4, the bill’s provisions related to crypto enforcement were not significantly altered. Any proposed amendments were described as minor adjustments or clarifications.

The bill, which was introduced in September 2022, includes provisions to empower authorities to seize and recover crypto assets more effectively. It also establishes the government’s jurisdiction over digital assets associated with terrorism or similar activities. The bill will undergo further consideration by U.K. lawmakers before receiving royal assent to become law.

In March, the U.K. government announced its intention to regulate cryptocurrencies rigorously as part of its economic crime plan for 2023-2026. The government aimed to pass the Economic Crime and Corporate Transparency Bill by the fourth quarter of 2023 and collaborate with relevant agencies to implement the Financial Action Task Force’s Travel Rule.

Additionally, on June 19, the House of Lords conducted a third reading of the Financial Services and Markets Bill, which was enacted into law on June 29. This legislation aimed to facilitate the adoption of crypto assets within the country.

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