UK gov introduces bill to recover proceeds of crypto crime

The British government has introduced the crime and police bill, aimed at improving the country’s ability to recover the crime of cryptocurrency.

The bill describes the arrangements To assess the cryptocurrency, the procedures so that the courts cover the illicit funds and the widening powers so that the crown court issues crisis orders.

Legislation covers a range of criminal issues, including anti -social behavior, sexual offenses, public order and terrorism. A key objective of the bill is to facilitate the confiscation of criminal assets, with a particular emphasis on cryptocurrency offenses.

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

Crypto specific measures

Certain provisions of the bill introduce measures for the destruction of seized cryptocurrency assets. If a court orders the destruction of the cryptocurrency, the market value at the time of destruction will be taken into account, with adjustments made to subsequent changes of value.

This ensures that even if the assets are lost, their value can be evaluated with precision.

Other modifications described in article 215za Modify the provisions for the treatment of cryptocurrency. The bill replaces references to the court of first instance by the Court concerned, extending the jurisdiction over the assets of the cryptocurrencies at the Crown Court.

These updates aim to rationalize the management of confiscation orders, ensuring that cryptocurrency can be entered, appreciated and recovered more effectively in criminal affairs.