Kingdom

Satoshi

United

Crown

James

<h4><strong>The United Kingdom (UK) has taken its enforcement of <a href="https://www.altcoinbuzz.io/?s=cryptocurrencies" target="_blank" rel="noopener noreferrer nofollow">cryptocurrencies</a> a step higher. </strong></h4>
<p>New policies now allow police officials to seize cryptocurrencies belonging to criminals without arrest.</p>
<h5><strong>UK Police Granted Authority to Seize Crypto</strong></h5>
<p>The UK has now empowered its National Crime Agency (NCA) and police to freeze, and seize crypto holdings used in criminal activities. Interestingly, the provision allows law enforcement agencies to seize other resources like passwords, or sticks.</p>
<p>This policy is part of a crime bill passed in the UK last year. The bill no longer requires officials to arrest before seizing assets belonging to criminals. The UK’s Home Office <a href="https://www.gov.uk/government/news/new-powers-to-seize-cryptoassets-used-by-criminals-go-live" target="_blank" rel="noopener noreferrer nofollow">said</a> in a press release on Friday: “This will make it easier to take assets which are known to have been criminally obtained, even if sophisticated criminals can protect their anonymity or are based overseas.”</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> UK law enforcement granted new powers to tackle crypto crime.</p>
 <p>Effective today, police can seize, freeze, and even destroy cryptocurrencies linked to criminal activities.</p>
 <p>New regulations also allow seizure of digital data aids like passwords and memory sticks.</p>
 <p>— Satoshi Club (@esatoshiclub) <a href="https://twitter.com/esatoshiclub/status/1783835923462889530?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 26, 2024</a></p>
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<p>Home Secretary James Cleverly said in the statement that the new policy will be a security boost. Cleverly explained: “Terrorist organizations like Daesh are known to raise funds through crypto transactions, and these updated powers will enable our agencies to more easily strip them of their assets.”</p>
<h5><strong>Plans to Tackle Crypto Crimes</strong></h5>
<p>Earlier this year, the UK police expanded its capacity to monitor illegal crypto activities. This involved employing new and more experienced professionals across fields like cybersecurity. Interestingly, this expansion has yielded huge payoffs.</p>
<p>UK enforcement agents have <a href="https://www.altcoinbuzz.io/cryptocurrency-news/fbi-warns-against-using-non-kyc-compliant-financial-services/" target="_blank" rel="noopener noreferrer nofollow">reportedly</a> seized millions in illegal crypto. Earlier this year, the NCA collaborated with US officials to seize around $150 million in crypto and drugs. UK officials believe the new crime will make it easier to carry out more seizures.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Over £1 billion in illegal crypto transactions take place in the UK each year.</p>
 <p>Drug dealers, fraudsters and terrorists use crypto to hide and raise money.</p>
 <p>We’re giving law enforcement new powers to seize, freeze and destroy crypto assets. <a href="https://t.co/nSGXsjsJpC" rel="noopener noreferrer nofollow">pic.twitter.com/nSGXsjsJpC</a></p>
 <p>— Home Office (@ukhomeoffice) <a href="https://twitter.com/ukhomeoffice/status/1783843639631720766?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 26, 2024</a></p>
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<p>Chief Crown Prosecutor Adrian Foster said: “It is vital that investigators and prosecutors have the capability and agility to keep pace with this changing nature of crime which these new measures will greatly assist our ability to restrain, freeze, or eliminate crypto assets from illegal enterprise.”</p>
<h5><strong>UK to Destroy Privacy Coins</strong></h5>
<p>The new rule requires officials to move seized cryptos into wallets controlled by law enforcement agents. However, in certain situations, UK officials plan to destroy the seized cryptocurrencies “if returning it to circulation is not conducive to the public good.”</p>
<p>Privacy coins are some of the coins that officials could most likely destroy. In addition, the announcement also hinted at the UK’s plan to continue to promote cryptocurrencies. The new policy only seeks to curb the use of crypto by criminals.</p>
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<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/uk-police-can-seize-crypto-assets-without-arrest/" rel="noopener noreferrer nofollow">UK Police Can Seize Crypto Assets Without Arrest</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

UK Police Can Seize Crypto Assets Without Arrest

Altcoin Buzz

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