🔒 The UK has implemented new laws empowering law enforcement to tackle cryptocurrency-related crimes effectively. These laws enable immediate seizure, freezing, and destruction of cryptocurrencies associated with illegal activities without prior arrests.
💰 The aim is to crack down on organized criminals exploiting digital currencies for money laundering, as the National Crime Agency reported a surge in illicit transactions to £1.2 billion in 2021.
🛑 Amendments to legislation now permit authorities to seize cryptocurrencies directly, complementing a crime bill passed last year that streamlined confiscation procedures.
🔑 The updated laws also allow confiscation of devices and passwords linked to criminal investigations and authorize the destruction of privacy coins, commonly used for illegal transactions, to prevent their re-entry into the market.
👍 Additionally, provisions have been made to help victims of crypto crimes recover their assets. Recent successful operations, including one with the U.S. that dismantled a major drug network and seized $150 million in cryptocurrencies, demonstrate the effectiveness and impact of the new legislation.
