Down: Great Britain's new powers to confiscate criminal crypto

• Great Britain introduces a new crime calculation that extends the powers to confiscate and destroy crypto in connection with criminal activities
• The Crown Court granted extended powers to edit seizure orders with crypto
• Bill describes a proper assessment of destroyed assets based on market prices
• Additions of the economic criminal and corporate transparency law (Eecta), which was passed in 2023
• Great Britain, which is in crypto-related crimes and illegal transactions are valued annually between $ 1.7 and $ 5.1 billion

The British government has introduced a new law on crime and police work that expands the law enforcement powers in order to confiscate and destroy cryptocurrency in connection with criminal activities. The legislative template, which has currently undergone his second reading in the House of Commons, aims to tackle the growing problem of crypto -related crimes in the country.

The new legislation gives the Crown Court extended powers to process confiscation orders with cryptocurrency. The Crown Court is a British dish that takes over serious criminal matters such as murder, fraud and robbery.

An essential aspect of the invoice explains how to deal with crypto assets that need to be destroyed. It ensures that your value is properly assessed based on the market prices at the time of destruction.

The draft law also contains provisions for simplifying the property restoration process. In this way, the law enforcement agencies can recover stolen funds more easily and forward them to victims.

The goal is to ensure that criminals do not keep the advantages of their illegal activities. The government wants to strengthen the ability of the criminal justice system to pursue those who have gained through crimes.

This new law is based on the law on economic crime and corporate transparency (Eecta), which was passed in 2023. The ECTA gave the law enforcement authorities additional powers to quickly freeze and confiscate crypto assets.

The Eekta also aimed to improve the accountability of companies in financial crimes. This new invoice is now improving these measures to tackle the growing threats from cryptocrimity.

Increase the crypto crime

Great Britain has suspended an increase in crypto -related crimes in recent years. According to the British National Crime Authority, illegal transactions associated with the country are estimated at 1.7 billion US dollars and 5.1 billion dollars a year.

Some of these crimes include violence. In January, a group of seven British men was sentenced to a total of 76 years in prison after kidnapping and torturing a man so that he had broadcast hundreds of thousands of dollars crypto.

Another case was a home vasion in Scotland in 2020. During this attack, a victim was threatened with a machete and forced to hand over his cryptocurrency.

The attackers were finally caught, but not before they caused the victim's damage and burden. These violent crimes show why stronger legal measures are required.

In addition to violent crimes, fraud and money laundering in connection with crypto are also common in Great Britain. In 2017, a group of fraudsters used a gap in an Australian exchange called Coinspot.

This enabled them to withdraw large sums of money without being discovered for some time. The group was detained for money laundering, and last month a court ordered to repay 30 million US dollars of stolen funds.

The Ministry of the Interior states that the legislation will help the law enforcement authorities to call up money from cryptocriminals more effectively. It contains conditions on how courts can call up and expand the powers of the Crown Court in relation to confiscation orders.

The draft law is expected to go into the committee phase soon, according to which it becomes right. This represents the ongoing efforts of the United Kingdom to adapt its legal framework in order to adapt the unique challenges through cryptocurrency in criminal activities.