🏴‍☠️UK authorities🇬🇧 receive more powers to confiscate cryptocurrencies

🏴‍☠️UK authorities🇬🇧 receive more powers to confiscate cryptocurrencies

As of Friday, April 26, the so-called "Economic Crimes and Corporate Transparency Act" came into effect, allowing for not only the confiscation of assets but also the potential for arrest.

📌 Only in January 2024, as part of the investigation into drug trafficking activity, the "National Crime Agency" of the United Kingdom, in collaboration with the "Drug Enforcement Administration" of the United States🇺🇸, seized 150 million USD in cash and cryptocurrency. “Cryptonews” believes that this event was a turning point to tighten regulation.

📌 The new powers grant UK law enforcement authorities the right to manage confiscated funds. Therefore, the assets can be transferred to a special wallet under their control. Then, the regulator decides whether to destroy the coin or reintroduce it into circulation, in case "...the return promotes the common good".

📌 The so-called "confidential coins" are presented as candidates for destruction - cryptocurrencies designed to increase anonymity and minimize traceability.
Apparently, most of the formulations in the law imply that the owner of the crypto assets is guilty by default...

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