British law enforcement will be able to seize crypto assets without a court order
Since April 26, the police have the right to block the transfer of illegally acquired cryptocurrency funds to wallets controlled by the authorities. This will allow victims to recover their stolen funds.
The UK's National Crime Agency (NCA) and police have been given enhanced powers to "freeze, seize and liquidate" cryptocurrency used by criminals.
Police may also seize items that could assist in the investigation, such as passwords or memory cards, according to a UK Home Office press release. It will also be possible to liquidate a crypto asset if its return to circulation is considered harmful to the public good.
Under new laws coming into force on April 26, police can now transfer confiscated illegal cryptocurrency to wallets under their control, and crime victims can request the return of funds stolen from their crypto accounts.
UK Home Secretary James Cleverley said criminals should not profit from illegal activities.
The UK's National Crime Agency (NCA) and police have been given enhanced powers to "freeze, seize and liquidate" cryptocurrency used by criminals.
Police may also seize items that could assist in the investigation, such as passwords or memory cards, according to a UK Home Office press release. It will also be possible to liquidate a crypto asset if its return to circulation is considered harmful to the public good.
Under new laws coming into force on April 26, police can now transfer confiscated illegal cryptocurrency to wallets under their control, and crime victims can request the return of funds stolen from their crypto accounts.
UK Home Secretary James Cleverley said criminals should not profit from illegal activities.
“These reforms will also strengthen our national security. Terrorist organizations such as Daesh are known to raise funds through cryptocurrency transactions, and these updated powers will allow our agencies to more easily strip their assets.”
The press release noted that privacy-enhanced coins (Monero, Zcash, etc.) are considered “harmful to the public good.” While most cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), are more public and provide pseudo-anonymity for users.
However, it should be noted that even if wallet addresses are anonymous, linking to a person's identity through procedures such as Know Your Customer (KYC) allows all transactions made using that wallet to be tracked and identified.
The report notes that cryptocurrencies and NFTs are often used by drug dealers and scammers, as various investigations show. The new changes aim to prevent criminals from using cryptocurrencies for illicit purposes, while increasing their potential to legitimately stimulate economic growth.
However, it should be noted that even if wallet addresses are anonymous, linking to a person's identity through procedures such as Know Your Customer (KYC) allows all transactions made using that wallet to be tracked and identified.
The report notes that cryptocurrencies and NFTs are often used by drug dealers and scammers, as various investigations show. The new changes aim to prevent criminals from using cryptocurrencies for illicit purposes, while increasing their potential to legitimately stimulate economic growth.
AML Crypto reminds you that simple actions and a little of your time will save your money and nerves! What to do if you do become a victim of crypto fraud (we hope not) read here.
We also remind you that it is necessary to check the risks associated with your counterparties in the blockchain. The question “how to check high risk in cryptocurrency” is answered by special AML services such as our Btrace. AML address verification in our solution will take only 3 seconds, but will save you from many risks. And the first check is absolutely free.
We also remind you that it is necessary to check the risks associated with your counterparties in the blockchain. The question “how to check high risk in cryptocurrency” is answered by special AML services such as our Btrace. AML address verification in our solution will take only 3 seconds, but will save you from many risks. And the first check is absolutely free.
Check blockchain address using Btrace
In seconds, determine the risk level of the counterparty’s address, find out the source of his funds and make an informed decision about interacting with him.
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