As of Friday, UK law enforcement agencies have been granted new powers to seize cryptocurrencies connected to criminal activities more easily, without the need to make arrests beforehand. This update follows the passage of a crime bill last year by the UK Parliament, aimed at enhancing the efficiency of crypto seizures.

Key Changes and Impact

• Immediate Seizure: Police can now seize crypto holdings immediately, without arresting the suspected individuals. This aims to prevent criminals from moving assets in anticipation of arrest.
• Tactical Advisors: The deployment of crypto tactical advisors across the country has been instrumental in seizing hundreds of millions of pounds in crypto assets.
• Collaboration with International Agencies: In January, the National Crime Agency collaborated with the U.S. Drug Enforcement Administration, resulting in the seizure of $150 million in cash and crypto from a drug enterprise.

Authorities’ Statements

• Chief Crown Prosecutor Adrian Foster: Emphasized the necessity for law enforcement to adapt quickly to the evolving nature of crime, expressing that these new measures significantly enhance the capability to handle crypto assets linked to illegal activities.
• Home Secretary James Cleverly: Highlighted the importance of these reforms for national security, especially in disrupting the financial networks of terrorist organizations like Daesh, which use crypto transactions for funding.

Potential for Destruction of Seized Crypto

If deemed not conducive to the public good, law enforcement has the authority to destroy certain crypto assets, particularly focusing on privacy coins where necessary to prevent reintegration into the market.

Broader Implications

These new capabilities are part of a global trend where governments are increasingly recognizing the need to regulate and control cryptocurrency within legal frameworks to combat crime and enhance national security.

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Sources

• UK Law Enforcement Agencies Can Now Seize Crypto More Easily as New Rules Take Effect, Markets Insider
• What’s at Stake for Crypto in India As the World’s Largest Democracy Is in the Midst of Its National Election?, Markets Insider
• Indonesian President Joko Widodo Warns of Money Laundering via Crypto and NFTs, Yahoo! Finance
• ‘Giant buy’ signal? Crypto whales transfer $1.3B to Coinbase, Cointelegraph
• Nigeria puts faith in new crypto-friendly regulator, Cointelegraph

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