Overview

• 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.