New UK Legislation Allows Police to Seize Crypto Assets Without Arrests

The United Kingdom (UK) has taken a bold step in the fight against crypto-related crime by granting new powers to the National Crime Agency (NCA) and police. As of Friday, authorities can now seize crypto assets from suspects without the need for arrests.

This new legislation is aimed at targeting “sophisticated criminals” who use crypto to launder their illegal profits internationally. With the ability to seize crypto assets from anonymous or overseas criminals, UK police are now better equipped to combat this growing trend.

In addition to seizing digital assets, police can also confiscate physical items like flash drives and written passwords that are related to crypto investigations. Furthermore, authorities have the power to destroy a crypto asset if returning it to circulation is not in the public interest.

Chief Crown Prosecutor Adrian Foster emphasized the importance of these expanded powers in the face of evolving criminal tactics. He stated, “Crypto assets are often used by criminal gangs to launder their criminal profits internationally at the touch of a button. It is vital that investigators and prosecutors have the capability and agility to keep pace with this changing nature of crime.”

Victims of crypto crime will also benefit from these new measures, as they can now apply for the return of digital assets stolen from them. This move marks a significant step forward in the UK’s efforts to crack down on crypto-related crime and protect the public from financial harm.

As criminals continue to exploit crypto technology for illicit activities, these enhanced powers will play a crucial role in disrupting their operations and holding them accountable. The UK government’s proactive approach to addressing this issue demonstrates a commitment to safeguarding the financial well-being of its citizens.