British administration proposes legislation for seizing crypto crime earnings

The British government has unveiled the Crime and Policing Bill, designed to bolster the nation's capacity to recoup funds derived from criminal activities involving cryptocurrencies.

The bill details provisions for assessing the worth of cryptocurrencies, the processes courts should follow when attempting to reclaim illicit funds, and the broadening of the Crown Court's powers to issue seizure orders.

The legislation encompasses a variety of criminal matters, such as anti-social actions, sexual misconduct, public order breaches, and terrorism. A significant aspect of the bill is to make it easier to confiscate assets linked to crime, particularly those associated with cryptocurrencies.

The bill expands the Crown Court's jurisdiction, enabling it to oversee money, cryptocurrencies, and personal possessions in situations where criminal assets are being confiscated, as per the proposal.

Some provisions in the bill incorporate guidelines for the destruction of seized cryptocurrency assets. If a court orders the destruction of cryptocurrency, the market worth at the time of destruction will be taken into account, with modifications made for any subsequent fluctuations in value.

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This guarantees that even if assets are destroyed, their worth can be accurately determined.

Additional amendments outlined in Section 215ZA revise procedures for managing cryptocurrencies. The bill substitutes references to the magistrates' court with the relevant court, granting the Crown Court jurisdiction over cryptocurrency assets.

These revisions aim to simplify the handling of confiscation orders, ensuring that cryptocurrencies can be more efficiently seized, valued, and retrieved in criminal proceedings.

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