UK passes bill aimed to help law enforcement seize crypto

The bill expands the power of law enforcement to both freeze and seize crypto connected to criminal conduct


CLICKMANIS/Shutterstock modified by Blockworks


The United Kingdom passed the Economic Crime and Corporate Transparency bill Thursday.

The bill — which moved to the final stages of the process in September — will expand the abilities of authorities to freeze and seize crypto suspected of being used in crimes such as money laundering and drug trafficking.

It’s tied to an earlier piece of legislation, the Proceeds of Crime Act 2002, which aims to “out the legislative scheme for the recovery of criminal assets with criminal confiscation being the most commonly used power.”

The bill now awaits the Royal Assent — also expected to take place Thursday —which is when King Charles agrees to make it law.

Read more: FCA issues ‘final warning’ to crypto firms ahead of Oct. 3 marketing regulation rollout

The passing of the bill is the latest act by the UK to regulate crypto. Earlier this month, the UK’s Financial Conduct Authority officially enacted new rules around crypto ads

Additionally, the FCA, as of Wednesday has sent out over 220 warnings to crypto companies. Even companies trying to comply with the stricter rules have had to make adjustments. 

Binance, for example, temporarily paused UK services after its UK partner, Rebuilding Society, was restricted from approving ads

The FCA warned firms on Wednesday about the risk warnings being “hard to read” and “not being visible enough.”

The UK is working on both being more crypto-friendly and also imposing new regulations. 

Back in June, the Law Commission found that English and Wales laws were “sufficiently resilient” for crypto, though they’d need some tweaking. The Commission penned the paper on digital assets in the hope of securing the “UK’s position as a global crypto hub.”

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


BUZZ holds shares of Coinbase, Robinhood and MicroStrategy


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders


Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume


DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit