Lawmakers belonging to United Kingdom Parliament’s upper house will be going ahead with legislation, for authorities to take hold of cryptocurrencies utilised for illegal means, as stated by Cointelegraph.
According to Cointelegraph, on July 4, 2023, lawmakers did a third reading of the Economic Crime and Corporate Transparency Bill. From what it’s understood, members related to House of Lords didn’t suggest any alterations to crypto enforcement in the bill’s most recent reading, and outlined recommendations as “minor” or “tidying up” amendments.
Based on Cointelegraph’s data, a June 27, 2023, draft around the bill comprised provisions revising current frameworks to permit authorities flexibility, with regard to confiscation and recovery of crypto assets. Reportedly, the legislation mentioned government’s stance over digital assets “intended to be used for the purposes of terrorism” or similar criterion. Sources suggest that UK lawmakers will take into account all bill-based amendments prior to converting it into law by royal decree.
Moreover, Cointelegraph noted that in March, 2023, UK government informed on “robustly” regulating crypto for preventing illegal usage of digital assets, due to its 2023-26 economic crime plan. During that phase, lawmakers highlighted plans to approve the Economic Crime and Corporate Transparency Bill by Q4, 2023.
(With insights from Cointelegraph)