According to PANews, the UK Home Office has announced that new powers enabling law enforcement agencies to seize cryptocurrency used in crime came into effect on Friday. The new regulations mean that police in the country will no longer need to make an arrest before confiscating cryptocurrency assets. This will make it easier to seize assets known to have been obtained through criminal means, even if seasoned criminals can protect their anonymity or are located overseas. The new regulations were introduced following the passage of a crime bill in the UK Parliament last year, which laid the groundwork for faster seizure of cryptocurrency.
Chief Crown Prosecutor Adrian Foster stated in the press release: 'For investigators and prosecutors, having the ability and flexibility to keep up with the changing nature of crime is crucial, and these new measures will greatly help us to restrain, freeze or eliminate cryptocurrency assets in illegal enterprises.' Officials will also be able to transfer the cryptocurrency to wallets controlled by law enforcement agencies. If reintroducing these cryptocurrencies into circulation is not in the public interest, they will also be able to destroy these cryptocurrency assets. The press release noted that privacy coins are a type of asset that may be destroyed if confiscated.