The UK government has increased powers for the National Crime Agency and police to seize and freeze cryptocurrencies used by criminals.
The UK National Crime Agency (NCA) will no longer need to arrest suspects before seizing cryptocurrencies, as new powers will allow the UK's National Crime Agency (NCA) to strengthen its fight against crypto-related crimes.
According to an official statement on April 26, the UK government will update the Proceeds of Crime and Terrorism Act to encourage law enforcement to more effectively investigate, seize and recover illicit cryptocurrencies, and to strengthen the law on illegal cryptocurrencies. It is said to have brought about a major change in the country's approach to the initiative. Activities related to cryptocurrency.
These changes include allowing police to seize cryptocurrencies without arresting them, allowing them to seize items that could be useful in investigations, and transferring illegal cryptocurrencies to controlled digital wallets that criminals cannot access. For example. In addition, law enforcement officers can now seize “items that could be used to provide information useful to an investigation, such as written passwords or memory sticks.”
“These reforms will also strengthen national security. Terrorist organizations like Daesh are known to raise funds through cryptocurrency transactions, and these latest powers will make it easier for our government agencies to We will be able to strip terrorist organizations of their assets.”
Home Secretary James Cleverley
The NCA said organized criminals, including drug traffickers, fraudsters and terrorists, were increasingly using cryptocurrencies to launder and finance illegal profits, with UK-related illicit crypto transactions totaling at least £1.2 billion ( The company announced that it is estimated to be worth about $1.5 billion at current rates. In 2021.
With the latest update, the UK's law enforcement agency said it wants to stop criminals from doing anything that “undermines the legitimate use of cryptocurrencies,” while also supporting the development of cryptocurrencies as a potential driver of economic growth. .
