UK Lawmakers are Working on New Legislation to Help Authorities Fight Crypto Illegal Activities
Lawmakers in the UK have continued their strict stance towards the crypto sector. The latest bill passed in the parliament has added new amendments to add provisions to the regulatory framework for cryptocurrencies in the region. These new changes grant more access and power to the police and law enforcement agencies to crack down on cryptocurrency markets.
The Upper house of the Parliament is pushing for legislation that will create a legal pretext for the police department to investigate crypto projects suspected of participating in illicit activities.
The House of Lords recently conducted a meeting at the UK Parliament on 4th July. The meeting was centered on hearing and reading the Economic Crime and Corporate Transparency Bill. This bill was first introduced in September 2022.
The subject matter of this bill relays extending the prosecution power for law enforcement agencies over crypto enterprises as a way to aid their efforts of combating financial crimes in the country.
According to the media reports, the bills did not add any important or noteworthy amendments recently. However, the bill has added more provisions that increase the flexibility for the authorities to seize and recover cryptocurrency assets. At the same time, the bill has also defined the extent of government authority over virtual asset entities.
The new addition is going to serve as a guideline for state regulators regarding terror finance controls and other purposes. At present, the bill is under review with the legislators to be approved and sent for royal assent.
UK has Increased Efforts to Regulate the Crypto Sector
On the other hand, the government of the UK has also aired plans to improve its regulatory efforts concerning the cryptocurrency sector. The country is working on the economic crime plan that covers 3 years from 2023.
The legislators have set an unofficial goal of setting approving the Economic Crime and Corporate Transparency Bill before the last quarter of the current year. At the same time, they are also mulling over the matter of enacting the Travel Rule proposed by the Financial Action Task Force.
Another important bill concerning crypto regulations is the Financial Services and Market Bill that was passed in House on 29th June. The main focus of this bill was to pave the way for greater cryptocurrency adoption within the country.
At the same time, the UK also intends to create a conducive and productive environment for the growth and development of digital currencies. All the while, the lawmakers in the region have also accelerated their efforts to combat crypto-related financial crimes.
At the same time, the legislators are determined to bring about policies that are not a hindrance to the existing financial ecosystem in the country. The UK has retained a stringent regulatory stance over the cryptocurrency market.
On the one hand, the country is working on securing local investors against the potential dangers of cryptocurrency investment. On the other side, the regulators are also working on ensuring the responsible adoption of cryptocurrencies and paving the way for the commercial adoption of more crypto enterprises in the region as part of its plan to boost the local economy.
The cryptocurrency sector has now become an integral part of the global fintech industry such that many countries in the world are taking steps for preserving their local crypto sector and inviting more blockchain startups.
