Law on Digital Assets and Criminal Activity. The U.
05 Jul 2023, 15:31
Law on Digital Assets and Criminal Activity
The U.K. House of Lords has approved legislation to confiscate and freeze digital assets linked to criminal activity. The bill was introduced in September 2022 and amended in October. Authorities have appointed digital asset advisors to identify illegal activity. The new laws uphold the U.K.'s reputation and eliminate sources of illicit income.
The Economic Crimes and Corporate Transparency Bill includes powers to block criminal transactions and seize funds. Company registration and identity verification are required to combat financial crime. Regulators have tightened their requirements, blocking accounts and asking for more information about customer transactions.
The U.K. authorities unveiled a three-year plan to combat economic crime that includes measures against the criminal use of cryptocurrencies. The new rules for advertising cryptocurrencies will take effect Oct. 8, 2023, according to the FSA.
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