New UK bill to seize stolen crypto reach final approval stage

1 week ago 6

Key takeaways

  • The UK House of Lords has passed a measure to prehend stolen cryptocurrencies.

  • The measure targets monetary proceeds from fraud oregon different fiscal crimes.

The UK authorities could prehend stolen cryptocurrencies

A measure that seeks to grow the quality of UK authorities to people illicit cryptocurrency usage has been passed for support by the House of Lords. 

The bill, dubbed the Economic Crime and Corporate Transparency Bill, was introduced a twelvemonth ago. The measure seeks to tackle crypto-related fiscal crimes. Since the instauration of the bill, it has gone from the House of Commons to the House of Lords and is present astatine the last signifier of approval. 

Per the bill, the authorities volition people monetary proceeds from fraud oregon different fiscal crimes. Furthermore, the measure besides seeks to present provisions for firm transparency and overseas concern registrations.

Now that the measure is astatine its last stage, the House of Commons volition ballot to judge the projected amendments oregon urge changes to the bill. If support is obtained, the measure volition beryllium signed into instrumentality via royal assent (the monarch approvals the measure arsenic an enactment of legislature). 

The U.K.’s fiscal regulator, the Financial Conduct Authority (FCA), precocious pointed retired that it is consenting to enactment with crypto companies to present a regulatory model for the cryptocurrency industry. 

The regulatory agency, via Executive Director Sarah Pritchard, made this known portion speaking astatine the London’s City Week conference. She stated that;

“Let’s enactment unneurotic to signifier our rules and regulations to payment markets, consumers and firms arsenic crypto goes from niche to mainstream.”

She added that the FCA’s responsibilities besides see ensuring that crypto firms operating successful the state comply with Anti-Money Laundering and Counter-Terrorist Financing legislation.

The FCA has been expanding its basal wrong the crypto industry. In July, the regulatory agency launched a imperishable integer sandbox to service arsenic a investigating situation for crypto companies and others to spot however their products would execute astatine an aboriginal signifier of development.

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