UK Prime Minister Empowers Authorities to Seize Crypto ‘More Quickly and Easily’ (Report)

Boris Johnson – Prime Minister of the United Kingdom and leader of the Conservative Party – will reportedly introduce a new economic crime bill. It will aim to reduce the employment of finance in illicit activities, strengthen the impact of the sanctions against Russia, and empower law enforcement agents to confiscate digital assets.

• The United Kingdom is well-known for its strict approach to the cryptocurrency industry. Over the past several months, the authorities have been on top of the sector, monitoring whether digital assets take part in illicit operations and seizing such tokens from wrongdoers.
• Reuters reported that Britain’s political leader Boris Johnson will double down on these efforts by introducing new economic crime legislation.
• The bill will enable law enforcement agents to confiscate and recover cryptocurrencies “more quickly and easily” in case they are employed in criminal activities.
• Speaking on the matter was also Prince Charles – the oldest son of Queen Elizabeth and heir to the throne:

“A bill will be brought forward to further strengthen powers to tackle illicit finance, reduce economic crime and help businesses grow.”

• The bill will also focus on “driving dirty money out of Britain,” ensuring that people from Vladimir Putin’s inner circle do not benefit from UK’s economy.
• In March, the British government approved an Economic Crime Act and slammed hundreds of Russian individuals and entities with financial sanctions because of their possible connection to Russia’s President and his “special military operation” in Ukraine.
• It is worth noting that the UK’s biggest critic of the digital asset sector is the nation’s central bank and its top executives. Not long ago, the Bank of England’s Prudential Regulation Authority (PRA) revealed intentions to raise $420 million to further scrutinize cryptocurrencies and their employment on local soil.
• Moreover, the organization plans to hire 100 staff to aid the effort. The PRA will also “ask firms to report their crypto-asset exposures, treatments, and future investment plans.”

Featured Image Courtesy of Japan Times