From April 26, the UK economic crime legislation will include civil recovery orders for confiscating crypto assets.
The United Kingdom government recently released Statutory Instrument documentation, stating that UK law enforcement authorities will be able to freeze crypto assets used in crime without requiring a conviction from the end of April.
Published on February 29, the document outlines the amendments made to the Economic Crime and Corporate Transparency Act 2023, which expands the power of the National Crime Agency to confiscate and seize crypto assets the agency suspects are linked to suspicious illicit activities, without needing to go through extensive legal procedures.
Additionally, authorities will be able to retrieve crypto assets directly from exchanges and custodian wallet providers. They will also have the option to destroy crypto assets if needed.
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