UK gov introduces bill to recover proceeds of crypto crime

The UK government has introduced the Crime and Policing Bill, aimed at enhancing the country’s ability to recover proceeds from cryptocurrency-related crime.

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.

The bill extends the Crown Court’s authority, allowing it to manage money, cryptocurrency, and personal property in cases of criminal confiscation, according to the proposal.

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.

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.