The UK Lords have reportedly passed the White Collar Crime and Business Transparency Act, providing further clarification of their crypto-related legislation.

This gives UK law enforcement agencies the power to freeze and seize crypto assets related to uncovered crimes. Under Prime Minister Rishi Sunak, the UK has taken vigorous steps to make the country lucrative to allow the Web3 ecosystem to thrive.

The decision comes days after the UK officially recognized cryptocurrencies as a regulated financial sector under the Financial Services and Markets Act 2023.

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