The UK government has introduced a new crime bill to help law enforcement seize and destroy crypto linked to crime. After its first reading in the House of Commons, the Crime and Policing Bill is moving to its second reading and will soon go to the committee stage. According to reports, this bill is an important step in the UK’s efforts to tackle the growing problem of cryptocurrency-related crime. UK Government Improves Actions Against Crypto Crime The bill grants the Crown Court more power to manage confiscation orders. This will help the court handle confiscated digital assets and make it easier to deal with crypto-related crimes. Additionally, the bill aims to make asset recovery more efficient and transparent, ensuring that illegal crypto assets are properly seized, destroyed, or returned to victims. The bill also improves law enforcement’s ability to combat cybercrime. It makes it easier for agencies to recover stolen cryptocurrency and return it to its owners. As such, it will help close the loop on cybercrime. As the bill moves through the Parliament, it will set an example for other countries facing similar issues in the changing world of digital finance. Recall that law enforcement in Japan also introduced a new amendment to a bill permitting the confiscation of digital currencies involved in crypto crime. As reported by TheCoinRise, the bill did not meet significant restrictions for it to become law, as many legislators favored it. Stablecoin and Staking Regulation in the UK In November 2024, the United Kingdom announced its plans to introduce new rules for the cryptocurrency industry by early this year. The FCA also plans to complete its crypto regulation rules by 2026. This step aims to help the UK keep up with other countries in the digital asset market . Tulip Siddiq, the U.K.’s economic secretary to the Treasury, also discussed the government’s plans for the cryptocurrency market. Siddiq stated that the new rules will focus on important areas like stablecoin and staking services. The proposed framework will support the UK’s goal of encouraging innovation . Likewise, the introduction of this legislation is expected to have a significant impact on the country. Companies operating in crypto will adapt to the new rules and ensure compliance to continue their operations. Rise in Crypto Crime Cases The FBI reported that Americans lost about $5.6 billion to crypto fraud in 2023 alone—a 45% increase from 2022. Over 60 people were among the most victimized. As cryptocurrency adoption grows, so does the risk of crypto crime, and authorities are stepping up efforts to crack down on cybercriminals. The post UK Government Introduces New Crime Bill for Crypto appeared first on TheCoinrise.com .
