The U.K Home Office announced in a press release that new abilities have been granted to law enforcement agencies to seize cryptocurrency involved in criminal activities, effective as of Friday.
The Home Office announced that police in the country will now be able to seize crypto holdings without needing to make an arrest first, due to these new rules. The new regulations were introduced following the approval of a crime bill by the U.K. Parliament last year, facilitating faster seizure of crypto assets.
Friday’s press release mentioned that this would simplify the process of seizing assets that had been unlawfully acquired, even in cases where cunning criminals are able to shield their identity or are located abroad.
Crypto tactical advisors have been deployed nationwide by the police, resulting in the seizure of hundreds of millions of pounds in crypto assets. In January, the National Crime Agency collaborated with the U.S. Drug Enforcement Administration to probe a drug operation that resulted in the confiscation of $150 million in cash and cryptocurrency.
Chief Crown Prosecutor Adrian Foster stated in the press release that it is crucial for investigators and prosecutors to have the ability and flexibility to adapt to the evolving nature of crime, with these new measures greatly enhancing their capacity to constrain, freeze, or remove crypto assets from illegal activities.
Police can also transfer the cryptocurrency into a wallet that is under the control of law enforcement agencies. They can eliminate crypto assets “if putting them back into circulation is not in the best interest of the public.”
The press release mentioned privacy coins as a type of asset where confiscated coins could be eliminated.
Home Secretary James Cleverly stated that these changes will also improve our country’s security.