UK Government Proposes Crime And Policing Bill To Tackle Crypto-Related Crimes

According to ShibDaily, the UK government has introduced the Crime and Policing Bill, a legislative proposal designed to enhance law enforcement's ability to seize illicit assets, including cryptocurrencies linked to criminal activities. The bill aims to bolster financial crime enforcement as digital assets increasingly feature in illegal transactions. Currently under its second reading in the House of Commons, the proposed legislation would extend the Crown Court's authority over confiscation orders if passed. The Crime and Policing Bill also sets guidelines for valuing and managing unsellable crypto property, ensuring a systematic approach to digital asset forfeiture. A corresponding factsheet highlights that the bill will enhance the criminal justice system's capacity to target individuals benefiting from criminal activities. This proposal builds on the Economic Crime and Corporate Transparency Act of 2023, which empowered authorities to freeze and confiscate cryptocurrencies tied to illegal activities. In addition to enhancing seizure powers, the bill introduces measures to streamline asset recovery, allowing law enforcement to retrieve stolen funds more efficiently and redirect them to victims. It seeks to prevent individuals involved in digital asset-related crimes from profiting from illicit activities, reinforcing efforts to curb financial misconduct in the evolving crypto landscape. The Crime and Policing Bill is part of the UK's ongoing efforts to strengthen digital asset regulation, as authorities increase oversight of the crypto sector. Over the past year, the government has implemented stricter measures to address financial risks associated with cryptocurrencies. In October 2024, the Financial Conduct Authority (FCA) reaffirmed its commitment to stringent cryptocurrency regulations, emphasizing that rigorous oversight is crucial for combating money laundering and financial crimes. The regulatory body stressed that maintaining high standards is necessary to protect investors and prevent illicit activities within the digital asset sector. The push for stricter crypto regulations comes amid a rise in crypto-related crimes across the UK, with illicit transactions increasingly linked to the country. A particularly concerning trend involves violent home invasions targeting individuals with digital assets. In one notable case, seven British men were sentenced to a combined 76 years in prison in January after kidnapping and torturing a victim to coerce the transfer of cryptocurrency worth hundreds of thousands of dollars. This growing threat underscores the need for stronger safeguards and enforcement measures to combat financial crimes in the digital asset space.