The British government will respond more harshly to cryptocurrency crimes

The UK government plans to expand the powers of the authorities to fight cryptocurrency crimes. Officials have decided to simplify the procedure for seizing and freezing digital assets. British lawmakers have submitted a bill to the parliament to eliminate «privacy concerns» and empower law enforcement agencies to «force businesses to hand over information that may be related to money laundering or terrorist financing using crypto assets.» During the investigation of economic crimes, law enforcement agencies will be free from bureaucratic red tape regarding confidentiality.

Commercial companies in the UK will be required to provide the necessary operational information to law enforcement and government agencies to more actively prevent and detect economic crimes. Home Secretary Suella Braverman explained the objectives of the enhanced regulatory policy: «With the new law, we will give law enforcement agencies intelligence powers to stay one step ahead of criminals. The law will simplify and accelerate the fight against organized crime, which uses digital currencies to launder money that fraudsters have obtained through cybercrime, drug trafficking, etc.»

British law enforcement agencies will have the right to block, seize and confiscate cryptocurrency assets involved in cases of cryptocurrency fraud or terrorist financing. At the same time, the seizure of cryptocurrency will take place without additional administrative formalities.

Governments around the world have become much more scrutinizing of the cryptocurrency industry. Last week, the U.S. Department of Justice announced the creation of the National Cryptocurrency Enforcement Team. The agency will also facilitate the investigation of digital finance crimes.