Since new powers were introduced, the UK has frozen around £6 million in illicit crypto funds. This response addresses the use of digital assets for criminal purposes, such as money laundering and tax evasion.
UK's crackdown on illicit crypto assets
The UK has implemented new powers to combat criminal activities associated with cryptocurrencies. The police and tax authorities have the authority to freeze suspicious crypto wallets for up to three years, regulated by a court that must confirm the illicit acquisition of funds.
Enhanced efforts to combat illicit activities
The UK has stepped up efforts to curb the use of cryptocurrencies in illegal schemes. Investigators work stealthily, applying to freeze assets to prevent their movement. New powers aim to fill investigation gaps and intensify the fight against tax evasion.
Criminals switch to stablecoins
Criminals have started switching from Bitcoin to stablecoins for their operations, reacting to increased scrutiny on Bitcoin. However, resources dedicated to investigating the crypto industry in the UK remain limited.
The measures adopted in the UK demonstrate the authorities' seriousness in tackling illegal activities linked to cryptocurrencies. Increased attention to this issue underscores the importance of regulation in the rapidly evolving world of digital assets.
