Lawmakers passed a third reading of amendments to the Economic Crime and Corporate Transparency Bill at a meeting of the U.K. House of Lords on July 4. If passed by the House of Commons, the amendments would expand the powers of supervisors in British law to seize digital assets “intended for terrorist purposes” or related causes.
Specifically, the updated version of the Economic Crimes and Corporate Transparency Bill gives law enforcement the power to block suspicious and criminal transactions as a matter of urgency, while the courts are given the ability to authorize the seizure of digital assets in a simplified manner.
In addition, as part of the crackdown on financial crime, new rules regulating digital assets will require participants in the crypto industry to register companies and verify their identities.
Earlier, the UK’s Financial Conduct Authority (FCA) reminded UK cryptocurrencies to bring their advertising and information materials in line with the regulator’s requirements by October 8, 2023.