The UK is introducing a new crime bill, expanding the power to seize cryptocurrencies

According to Decrypt, the UK government has proposed a new bill that expands its power to seize and destroy cryptocurrencies associated with criminal activities. Following the first reading of the "Crime and Policing Bill" in the House of Commons, this bill is currently undergoing a second reading and will soon enter committee review.

The new legislation aims to enhance law enforcement's ability to confiscate illegal crypto assets and return them to victims while strengthening the country's overall means of combating economic crimes. A key provision of this bill grants expanded powers for Royal Courts to handle seizure orders involving cryptocurrencies.

The bill also outlines how assets that must be destroyed are handled, ensuring their value is correctly assessed based on market prices at time of destruction. In addition to expanding seizure powers, it includes provisions simplifying asset recovery procedures allowing law enforcement agencies recover stolen funds and return them back to victims. The aim is ensuring those responsible for criminal acts involving digital assets do not retain benefits from their illegal activities.