UK Parliament Strengthens Crypto Enforcement

Lawmakers in the upper chamber of the United Kingdom’s Parliament are progressing with a new law that seeks to enhance authorities’ capabilities to target cryptocurrencies used for illegal purposes.

During a meeting held by the House of Lords on July 4, the Economic Crime and Corporate Transparency Bill underwent its third reading.

This legislation was initially introduced in September 2022 to empower law enforcement to combat financial crimes involving cryptocurrencies more effectively.

Members of the House of Lords did not propose any substantial amendments related to crypto enforcement during the bill’s most recent reading, instead focusing on minor adjustments.

One version of the bill, dated June 27, included provisions that modified existing frameworks to provide authorities with greater flexibility in confiscating and recovering crypto assets through civil means.

Following #NationalSecurityBill, #HouseOfLords questions government on road fuel prices.

📺 Watch on Parliament TV https://t.co/EWIxoLzJpC pic.twitter.com/Cww6S2hhNm

— House of Lords (@UKHouseofLords) July 4, 2023

Furthermore, the legislation explicitly defined the government’s jurisdiction over digital assets intended for terrorist activities or similar purposes.

U.K. lawmakers will thoroughly consider the proposed amendments to the bill before it can receive royal assent and become law.

In March, the U.K. government announced its intention to implement rigorous cryptocurrency regulations as part of its economic crime plan for 2023 to 2026.

Lawmakers aimed to pass the Economic Crime and Corporate Transparency Bill by the fourth quarter of 2023, collaborating with various agencies to implement the Financial Action Task Force’s Travel Rule.

Furthermore, on June 19, the House of Lords conducted the third reading of the Financial Services and Markets Bill.

This legislation, signed into law on June 29, was designed to facilitate the adoption of crypto assets within the country.

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