Ethereum

United

Tornado Cash

Tornado

James

The United Kingdom’s National Crime Agency (NCA) and police have received expanded authority to “seize, freeze, and destroy” cryptocurrency used by criminals. As a result of the new rules, police in the country will no longer be required to make an arrest before seizing crypto holdings.
<a href="https://www.gov.uk/government/news/new-powers-to-seize-cryptoassets-used-by-criminals-go-live" target="_blank" rel="noopener nofollow">According</a> to a press release from the U.K. Home Office, the police can also seize items like passwords or memory sticks that could aid investigations. U.K. law enforcement will also be able to eliminate a crypto asset if returning it to circulation is deemed detrimental to the public good. 
Part of the new laws — which will come into effect from April 26 — state that the police can also transfer seized illicit cryptocurrency to wallets under their control, and crime victims can apply to reclaim funds from their crypto accounts. 
U.K. Home Secretary James Cleverly said that criminals must not profit from illegal activities. Cleverly cited crypto fundraising by groups as the rationale behind the new police powers.
<blockquote data-ct-non-breakable="true">
 “These reforms will also enhance our national security. Terrorist organisations like Daesh are known to raise funds through crypto transactions and these updated powers will enable our agencies to more easily strip them of their assets.”
</blockquote>
The new regulations were implemented following the <a href="https://cointelegraph.com/news/uk-bill-seize-bitcoin-passed#:~:text=Oct%2026%2C%202023-,UK%20passes%20bill%20to%20enable%20authorities%20to%20seize%20Bitcoin%20used,26%2C%202023.">passage of a crime bill by the U.K. parliament</a> in 2023, which facilitated the rapid seizure of cryptocurrency.
Related: <a href="https://cointelegraph.com/news/uk-crypto-regulations-clarity-july-2024">UK to propose clearer crypto regulations by July</a>
The press release highlighted privacy coins as being “detrimental to the public good.” While most cryptocurrencies like Bitcoin <a href="https://cointelegraph.com/bitcoin-price">(BTC)</a> and Ether&nbsp;<a href="https://cointelegraph.com/ethereum-price">(ETH)</a> employ public ledgers that offer pseudo-anonymity to users, privacy coins provide a much higher level of anonymity. 
However, it’s noted that even with wallet addresses being anonymous, once associated with an individual's identity through procedures like <a href="https://cointelegraph.com/learn/what-is-kyc-and-why-do-crypto-exchanges-require-it">Know Your Customer (KYC)</a><a href="https://cointelegraph.com/learn/what-is-kyc-and-why-do-crypto-exchanges-require-it"></a>, all transactions made by that wallet can be traced and identified.
The announcement, while noting that cryptocurrencies and nonfungible tokens are used by drug dealers and fraudsters, as evidenced by different investigations, stated that the new changes aim to prevent criminals from exploiting crypto for illicit purposes while also fostering its potential to drive economic growth legitimately.
However, it stated that the new changes are intended to prevent criminals from exploiting crypto for illicit purposes while also promoting its potential to legitimately drive economic growth.
Governments and law enforcement globally, not just in the U.K., have recently intensified efforts against crypto privacy initiatives. On April 24, authorities in the United States&nbsp;<a href="https://cointelegraph.com/news/samourai-wallet-mixer-co-founders-arrested-aml-licensing-charges#:~:text=The%20co%2Dfounders%20of%20cryptocurrency,(DOJ)%20and%20other%20agencies.">apprehended the founders of Bitcoin mixer Samourai Wallet</a>&nbsp;on charges of conspiracy to commit money laundering.
Magazine: <a href="https://cointelegraph.com/magazine/tornado-cash-2-0-the-race-to-build-safe-and-legal-coin-mixers/">Tornado Cash 2.0: The race to build safe and legal coin mixers</a>

UK police authorized to seize criminal crypto holdings without arrests

Cointelegraph

Other articles published on Apr 26, 2024

Get Ready: The Bitgert Coin Price Surge is on the Horizon

Riding the Wave: Bitgert Coin’s Meteoric Rise to Trending Prominence

Runes Make up more than 68% of all Bitcoin Transactions

Stripe Reintroduces Crypto Payments Via USDC Stablecoin

Visa Launches Stablecoin Analytics Dashboard

RROCKET Burns 50% of Its Supply to Fuel Growth and Investor Confidence

Join our free newsletter for daily crypto updates!