The UK government has introduced the Crime and Policing Bill aimed at enhancing the ability to recover proceeds from cryptocurrency-related crime.
The New Bill and Its Objectives
The bill outlines provisions for valuing cryptocurrency, procedures for courts to recover illicit funds, and expanded powers for the Crown Court to issue seizure orders. The legislation covers a range of criminal issues, including anti-social behavior, sexual offenses, public order, and terrorism. A key focus of the bill is facilitating the confiscation of criminal assets, with a particular emphasis on cryptocurrency-related offenses.
Crypto-specific Measures
Certain provisions in the bill introduce measures for the destruction of seized cryptocurrency assets. If a court orders the destruction of cryptocurrency, the market value at the time of destruction will be considered, with adjustments made for any later changes in value. This ensures that even if assets are lost, their value can be accurately assessed.
Extended Court Powers
Further changes outlined in Section 215ZA amend provisions for handling cryptocurrency. The bill replaces references to the magistrates’ court with the relevant court, extending jurisdiction over cryptocurrency assets to the Crown Court. These updates aim to streamline the management of confiscation orders, ensuring that cryptocurrency can be more effectively seized, valued, and recovered in criminal cases.
The bill provides new tools to combat cryptocurrency-related crime, enhancing legal means to confiscate illicitly obtained funds.
