The Economic Crime and Corporate Transparency Bill is expected to enter into force by the end of 2023.
UK Parliament's upper house, the House of Lords, is pushing ahead with a piece of legislation aimed at augmenting the government's capacity to seize cryptocurrencies implicated in unlawful activities.
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The bill was first put forward in September 2022 with an agenda to enhance law enforcement's power to counter crypto-related financial malpractices. During the recent session, the Lords did not suggest significant adjustments related to the crypto enforcement clauses, referring to any proposed changes as “minor” or “tidying up” amendments.
Previously, on June 27th, the bill was adjusted to include provisions modifying current frameworks, giving authorities more flexibility in confiscating and reclaiming crypto assets through civil processes. The bill also specifies the government's control over digital assets that are intended to be used for terroristic purposes or similar activities.
Currently, the bill awaits the review of all proposed amendments by UK lawmakers before receiving royal assent to become law.
Previously, the UK government revealed that as part of its economic crime strategy for 2023 to 2026, it will work on regulating cryptocurrencies stringently to prevent their illicit usage.
Legislators plan to pass the Economic Crime and Corporate Transparency Bill by the end of 2023 and work in tandem with various regulatory bodies to enforce the Financial Action Task Force’s Travel Rule.
Additionally, on June 19th, the House of Lords hosted a third reading of the Financial Services and Markets Bill. Signed into law on June 29th, this legislation aims to aid the integration and acceptance of crypto assets within the UK.
The ongoing progress of this legislation underscores the UK government's dedication to mitigating illegal operations involving cryptocurrencies. As this bill edges closer to becoming law, it emphasizes the critical influence of regulatory measures on the future landscape of cryptocurrency utilization and acceptance in the UK.
