UK authorises police to seize illicit crypto without arrests

• 
  UK
  police
  now
  have
  powers
  to
  seize,
  freeze
  or
  destroy
  criminal
  crypto
  holdings.
• 
  It
  follows
  new
  legislation
  that
  comes
  into
  effect
  today,
  April
  26,
  2024.
• 
  Reforms
  to
  help
  UK’s
  national
  security,
  said
  Home
  Secretary
  James
  Cleverly.

Law
enforcement
officials
in
the
United
Kingdom
can
now
seize,
freeze
or
destroy

crypto
assets
deemed
to
be
illicit
without
having
to
first
make
any
arrest.

This
is
after
the

UK
government
updated
legislation
around
proceeds
of
crime
and
terror
to
authorise
police
and
the
National
Crime
Agency
(NCA)
to
investigate
and
seize
any
cryptocurrency
linked
to
criminal
activity.

A

press
release
the
UK
Home
Office
published
on
Friday
notes
that
the
new
rules
come
into
effect
on
April
26,
2024.
Targeted
are
drug
dealers,
fraudsters
and
terrorists
among
other
organised
criminals.

With
the
new
powers,
police
have
the
authority
not
just
to
seize
crypto,
but
can
transfer
seized
assets
to
electronic
wallets
or
destroy
them
if
their
return
to
circulation
is
deemed
negative
for
the
public
good.
Law
enforcement
officers
are
also
allowed
to
take
control
of
passwords
or
memory
sticks.

“The
changes
that
come
into
force
today
will
stop
criminals
from
undermining
the
legitimate
use
of
crypto,
while
also
supporting
the
development
of
crypto
as
a
potential
driver
of
economic
growth,”
reads
part
of
the
press
release.   

Reforms
“bad
news
for
criminals”

According
to
Home
Secretary
James
Cleverly,
the
reforms
are
crucial
to
the
UK’s
national
security,
with
criminals
never
allowed
to
benefit
from
illicit
activities.

UK
Security
Minister
Tom
Tugendhat
added
that
the
revamped
rules
“are
bad
news
for
criminals.”

UK’s
new
legislation
comes
into
force
after
parliament

passed
a
related
crime
bill
in
September
2023.
The
development
has
helped
police
and
the
NCA
to
seize
millions
of
dollars’
worth
of
illicit
crypto.

For
instance,
the
NCA
teamed
up
with
the
US
Drug
Enforcement
Administration
(DEA)
in
an
operation
that
resulted
in
the
seizure
of
over
$150
million
from
a
criminal
drug
enterprise
in
January
this
year.

The
UK
has
also
seized
over
£750,000
($937,890)
from
three
men
who
accepted
crypto
for
counterfeit
drugs.
In
2021,
the
UK
police

seized
$250
million
in
crypto
from
suspected
money
launders.