UK Government Introduces Crime and Policing Bill to Enhance Crypto Recovery

The UK government has introduced the Crime and Policing Bill, a legislation aimed at strengthening the country’s ability to recover proceeds from cryptocurrency-related crime. The bill outlines various provisions, including procedures for courts to recover illicit funds and expanded powers for the Crown Court to issue seizure orders.

Key Provisions and Focus

The legislation covers a range of criminal issues, including anti-social behavior, sexual offenses, public order, and terrorism. A key focus of the bill is facilitating the confiscation of criminal assets, with a particular emphasis on cryptocurrency-related offenses.

Crypto-Specific Measures

Certain provisions in the bill introduce measures for the destruction of seized cryptocurrency assets. If a court orders the destruction of cryptocurrency, the market value at the time of destruction will be considered, with adjustments made for any later changes in value.

This ensures that even if assets are lost, their value can be accurately assessed. The bill also replaces references to the magistrates’ court with the relevant court, extending jurisdiction over cryptocurrency assets to the Crown Court.

Streamlining Confiscation Orders

These updates aim to streamline the management of confiscation orders, ensuring that cryptocurrency can be more effectively seized, valued, and recovered in criminal cases. The bill extends the Crown Court’s authority, allowing it to manage money, cryptocurrency, and personal property in cases of criminal confiscation.

Tips for staying safe in the crypto space:

  • Be cautious when dealing with unknown or unverified sources.
  • Use strong passwords and enable two-factor authentication.
  • Stay informed about the latest crypto regulations and updates.
  • Use reputable exchanges and wallets.

For more news on cryptocurrency and finance, visit Global Crypto News.

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