UK Government Introduces Bill to Tackle Cryptocurrency Crime

The UK government has unveiled a new law, the Crime and Policing Bill, designed to enhance its ability to recover proceeds from cryptocurrency-related criminal activities. The bill outlines key provisions for valuing cryptocurrencies, procedures for courts to reclaim illicit funds, and expanded powers for the Crown Court to issue seizure orders. It also addresses a wide range of criminal offenses including anti-social behavior, sexual offenses, public order, and terrorism. Notably, the bill strengthens the authority of the Crown Court by enabling it to manage confiscated assets, which could include cryptocurrency, in cases involving criminal confiscation. This move signifies a significant shift towards effectively seizing, valuing, and recovering cryptocurrency in criminal cases. Further additions include provisions for destroying seized cryptocurrencies. In instances where a court orders the destruction of digital currency, its market value at the time will be considered for accurate valuation adjustments should market values change post-seizure. This ensures that even if assets are lost, their worth can be accurately determined. Section 215ZA also alters existing legislation to empower the Crown Court over cryptocurrencies. The bill aims to streamline the handling of confiscation orders, ensuring a more efficient and effective approach to seizing, valuing, and recovering cryptocurrency in criminal cases.