The UK government has strengthened the powers of the National Crime Agency and police to seize and freeze cryptocurrencies used by criminals. The British National Crime Agency (NCA) can now seize crypto from suspects without the need for an arrest, thanks to new measures aimed at combating crypto-related crime.

The updated proceeds of crime and terror legislation, announced on Apr. 26, allows law enforcement agencies to investigate, seize, and recover illicit crypto more effectively. These changes represent a significant shift in the UK’s approach to addressing illicit activities involving cryptocurrencies.

Key Points:

– The NCA and police can now seize crypto without an arrest, confiscate items aiding investigations, and move illicit crypto into a secure digital wallet inaccessible to criminals.
– Law enforcement officials can also seize items like passwords or memory sticks that could provide valuable information for investigations.
– The updated powers will help enhance national security by preventing terrorist organizations like Daesh from raising funds through crypto transactions.
– Organized criminals, including drug dealers, fraudsters, and terrorists, are increasingly using crypto to launder money and raise funds, with illicit crypto transactions in the UK estimated at £1.2 billion (~$1.5 billion) in 2021.
– The British law agency aims to prevent criminals from abusing crypto while also supporting its legitimate use as a potential driver of economic growth.

Home Secretary James Cleverly emphasized the importance of these reforms in enhancing national security and stripping terrorist organizations of their assets. The NCA is determined to tackle the growing trend of criminals using cryptocurrencies for illicit activities.

In a related case, a British citizen was recently found guilty in a $6 billion Bitcoin fraud scheme. Stay informed with the latest news on Global Crypto News to stay updated on developments in the cryptocurrency world.

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