- This bill helps seize and freeze cryptocurrencies that are used to commit crimes
- It was introduced back in September
On Tuesday, July 4, the UK Lords passed a bill that would give law enforcement the ability to seize and freeze cryptocurrencies used to commit crimes.
Previous sessions in the House of Lords did not change the cryptocurrency aspects of the bill, but other amendments were made. They dealt with measures for cases of terrorism, and will also assist authorities in the seizure of property that can help identify cryptocurrency. An amendment was also added to allow courts to require authorities to seize and freeze crypto assets used to commit crimes.
Graham Biggar, director general of the National Crime Agency, noted that domestic and international criminals have long concealed the proceeds of crime and corruption. They abused the structures of British companies and increasingly used cryptocurrencies.
After receiving approval from the Lords, the bill returns to the House of Commons for the final stages before being passed into law. When both houses support the document, the king must sign it, officially recognizing it as law.
On June 29, Britain approved a law to regulate cryptocurrencies and stablcoins. Since then, the country has classified digital assets as a regulated financial activity.