UK authorises police to seize illicit crypto without arrests
UK police now have powers to seize, freeze or destroy criminal crypto holdings. It follows new legislation that comes into effect today, April 26, 2024. Reforms to help UK’s national security, said Home Secretary James Cleverly. Law enforcement officials in the United Kingdom can now seize , freeze or destroy crypto assets deemed to be illicit without having to first make any arrest . This is after the UK government updated legislation around proceeds of crime and terror to authorise police and the National Crime Agency (NCA) to investigate and seize any cryptocurrency linked to criminal activity. A press release the UK Home Office published on Friday notes that the new rules come into effect on April 26, 2024. Targeted are drug dealers, fraudsters and terrorists among other organised criminals. With the new powers, police have the authority not just to seize crypto, but can transfer seized assets to electronic wallets or destroy them if their retur...