The United Kingdom is one step closer to protecting its citizens and curbing criminal abuse of cryptocurrency via the Economic Crime and Corporate Transparency Bill, which passed through Parliament’s upper chamber on Tuesday, June 29. The passing of the Bill was long-awaited and much welcomed, as it will serve to help UK authorities crack down on domestic and international criminals abusing Company structures to launder proceeds from crime and corruption, and increasingly using cryptocurrencies.

UK Bill Extends Measures to Target Crypto in Terrorism Cases

The newly passed Bill extends measures to terrorism cases, extends authorities’ ability to target cryptocurrency used for illicit purposes, and adds an amendment to ensure that courts can request authorities to seize and freeze crypto used for crime. The Bill is expected to receive royal assent, the final step required for a Parliamentary Bill to become law.

The U.K. government’s three-year economic crime agenda, launched in March 2021, reflects a strong stance against cryptocurrency abuse. The NCA deployed crypto-tactical advisors nationwide to help police identify and seize digital assets related to crime.

Following the Bill’s passing, Economic Secretary to the Treasury, Andrew Griffith, commented on the UK’s stance. He stated that “the UK wants to capitalize on the benefits blockchain can bring to the private sector and economy.” He also expressed the hope to “let firms make the most of the opportunities from cryptocurrency” under adequate crypto regulation.

The passing of the Bill marks a significant milestone for the UK crypto community. The move aligns with recent developments, including Andreessen Horowitz (A16z) expanding internationally with a new London office. Decisions were made due to a predictable business environment and constructive conversations with stakeholders, including PM Boris Johnson and FCA.

U.K. passes Bill, introducing advisors and regulators to track crypto abuse, making the environment safer for investors. Additionally, these measures aim to create an environment where individuals can utilize the new technology in a positive manner. This includes ensuring that crypto-related businesses are adequately compliant with the necessary laws and regulations.

Additionally, the country leads in Europe, freezing out crypto criminal abuse and demonstrating a strong commitment. First European country to freeze out crypto criminal abuse, showcasing a commitment to tackling these issues. Lastly, tightening regulations pave the way for a safer and more productive future for cryptocurrency enthusiasts.

Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

The post Cryptocurrency Crackdown: U.K. Parliament Advances Economic-Crime and Corporate-Transparency Bill to Curb Criminal Abuse! appeared first on Boxmining.

---

Filed under: Bitcoin - @ July 5, 2023 4:04 am