A new law allowing UK authorities to seize cryptocurrencies being used for illicit purposes moved nearer after the House of Lords made “minor changes” in its third reading in the Upper House.
The government introduced the Economic Crime and Corporate Transparency Bill in September 2022 as part of a crackdown on crypto-related financial crime.
Changes proposed will allow authorities greater flexibility in the confiscation and civil recovery of crypto assets while guidelines for cryptocurrencies “intended to be used for the purposes of terrorism” or related reasons were tightened.
The bill goes back to the House of Commons before receiving royal assent and passing into law.