The United Kingdom Parliament has passed a new bill aimed at preventing the use of cryptocurrencies in illegal payments. The approved legislation includes provisions to freeze and seize cryptocurrency units that are found to be associated with criminal activities.
Crypto Regulations in the United Kingdom Becoming Clearer
Like many other countries, the United Kingdom has begun taking significant steps towards regulating cryptocurrencies and has expedited its efforts in this regard. The Financial Conduct Authority (FCA) has taken important measures to implement regulations that introduce a series of new standards for advertising and marketing activities of crypto companies.
Although the implementation date of the FCA’s new crypto regulations has been postponed to a later date, preparations for the new regulations have already begun. In recent weeks, the FCA has issued several warnings to crypto companies, emphasizing the need for compliance with the new regulations.
Furthermore, there has been another significant development in crypto regulations in the United Kingdom. A new bill that expands the powers of law enforcement agencies to freeze and seize cryptocurrency assets found to be associated with criminal activities has been approved by the United Kingdom Parliament.
New Bill Approved by the United Kingdom Parliament
Recent discussions in the public domain have raised concerns about the use of cryptocurrencies for illegal activities such as money laundering or tax evasion. Regulators in many countries have expressed concerns that digital assets, which are reaching a wider user base every day, could be increasingly used for illegal payments.
In response to these concerns, the United Kingdom has taken significant steps to prevent the use of cryptocurrencies in illegal payments. The new bill, which grants broader powers to authorities for the seizure of cryptocurrencies associated with illegal activities, has been approved by Parliament.
The “Economic Crime and Corporate Transparency Bill” that expands the powers of law enforcement agencies to freeze and seize cryptocurrency assets associated with criminal activities has been approved by the United Kingdom Parliament. The process of the bill becoming effective will begin if it receives royal assent.
