The UK government wants to make sure that there are clear legal consequences for crypto offenders in order to promote a secure crypto ecosystem.
The UK Lords have apparently approved the Economic Crime and Corporate Transparency Bill, adding further clarification to its collection of crypto-related legislative provisions. The ability to freeze and seize cryptocurrency assets connected to foiled crimes is now granted to UK law enforcement officials. The UK has been moving swiftly toward being a prosperous country for the Web3 ecosystem to thrive in under Prime Minister Rishi Sunak. Following the UK's official recognition of cryptocurrencies as a financially regulated industry under the Financial Services and Markets Act 2023, the decision was made just a few days later.
Millions of community members from all around the world have joined cryptocurrencies despite its erratic character. According to research from Block Research published last year, the number of people employed in the crypto industry in 2022 reached 82,200, an increase of roughly 351 percent from the 18,200 reported for 2019. It is too large an opportunity for the UK to pass up given the industry's enormous need for workers.
The UK government aims to clarify the activities of law enforcement agencies and guarantee that there are clear legal consequences for crypto offenders in order to promote a secure crypto ecosystem.
The UK government has created a three-year economic crime plan, which includes combating illegal abuse of cryptocurrencies as one of its main targets, according to a CoinDesk report.
In the UK, teams of crypto-tactical advisors have been developed to help police agencies locate and seize digital assets associated with criminal activity.
The passage of this bill by the Lords indicates that it can now move on to the House of Commons. The bill will be eligible to be passed into law with the signature of King Charles after receiving approval from both Houses of the UK.
Before this bill is passed in the UK, it can take some time.
In the meanwhile, the UK is seeking to implement a safety scheme for Authorized Push Payment fraud victims that would protect investors from financial dangers.
A 24-hour "cooling-off" period will be available to British consumers purchasing cryptoassets starting in October as a result of stricter marketing regulations introduced by the Financial Conduct Authority (FCA) in June of this year.
According to the UK's FCA, estimated crypto ownership has more than doubled between 2021 and 2022, with 10% of the country's 2,000 respondents who were polled reporting ownership of cryptoassets. The UK wants to safeguard these members of the community.
The UK required crypto businesses to carry warnings like: "Don't invest unless you're prepared to lose all of the money you invest" when it legalized cryptocurrency activity on July 1. Because of the high level of risk involved, you shouldn't anticipate being protected if something goes wrong.