The UK government has introduced a crime and policing bill with the aim of increasing the country’s capacity to recover income from cryptocurrency-related crime.
Bill Outline provision To evaluate cryptocurrency, processes for courts for recovery of illegal funds, and expanding powers to the Crown Court to issue seizure orders.
The law includes a series of criminal issues, including anti -social behavior, sexual offenses, public system, and terrorism. An important focus of the bill is facilitating seizing criminal assets, with special emphasis on cryptocurrency-related crimes.
The bill expands the rights of the Crown Court, allowing it to manage money, cryptocurrency and personal property in cases of criminal seizure, according to the proposal.
Crypto-specific measures
Some provisions in the bill introduce measures for the destruction of the seized cryptocurrency assets. If a court orders the destruction of cryptocurrency, the market value will be considered at the time of destruction, in which the value will be adjusted for any change.
This ensures that even if the property is lost, their value can be accurately evaluated.
Section 215za amendment to handle cryptocurrency and changes in the amendment provisions. The bill replaced the contexts of the Magistrate Court with the relevant court, which expands jurisdiction in the Crown Court on cryptocurrency assets.
The purpose of these updates is to streamline the management of the order to seize, ensuring that cryptocurrency can be more effectively seized, valuable and recovered in criminal cases.
