The UK government is investing heavily in cracking down on cybercrime in the crypto industry. However, he remains favorable to cryptocurrencies. The new executive led by Liz Truss has announced that it will not slow down the march towards regulation. The government intends to continue working to make the UK a benchmark in the crypto sector. Lately, he provided a nearly 250-page bill on cryptocurrency. Discover the contents of this document.
A law to facilitate the handling of criminal cases related to cryptos
According a tweet from Watcher.Guru on September 22, the UK government is proposing a new law regarding the seizure, freezing and recovery of cryptos. The bill in question was the subject of a public presentation in May 2022. And the government has just approved it. Note that it is about crime in the sector and transparency of companies in the value chain.
This bill aims to facilitate the treatment of cryptocurrencies as evidence in criminal activities. The processing operation will be carried out by law enforcement. The bill has received approval from the UK Home Office. It has also been validated by the Ministry of Business, Energy and Industrial Strategy as well as by the Serious Fraud Office and the Treasury.
Graeme Biggar, chief executive of the National Crime Agency, said: “National and international criminals have been laundering the proceeds of their crime and corruption for years by abusing UK corporate structures, and are increasingly using cryptocurrencies.“.
For Graeme Biggar, the new reforms were long overdue and were very well received. These reforms will help the UK government crack down on cybercriminals.
For the new British government, it is necessary to put in place measures to combat crypto-related crime. So, while remaining in favor of crypto, the government intends to crack down on anyone using cryptocurrencies for criminal purposes.
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