U.K. Law Enforcement Granted Enhanced Powers to Seize Cryptocurrencies

New regulations allow police and the National Crime Agency to seize, freeze, and destroy crypto assets without prior arrest, targeting criminal and terrorist funding.

• The U.K. Home Office announced the enforcement of new powers stemming from a crime bill passed last year, enabling quicker and more effective seizure of crypto assets.
• Police can now seize crypto directly, along with associated items like passwords or memory sticks, to aid investigations.
• Privacy coins, deemed not conducive to the public good, may be destroyed post-seizure.
• Recent operations include a joint effort with the U.S. DEA, resulting in the seizure of $150 million in cash and crypto from a drug enterprise.
• The reforms are part of broader efforts to regulate the cryptocurrency sector, with a regulatory framework expected by July 2024.

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