The Illegal Crypto Seizure Bill will give law enforcement the ability to freeze cryptocurrency without a conviction, ensuring that illegal funds can be seized quickly and without delay.
The bill was introduced last September, but has undergone some changes, with amendments added to expand counter-terrorism measures. It also included separate provisions to help authorities seize other assets that could help identify cryptocurrency linked to crime.
According to Coindesk, the bill was passed by Parliament on Wednesday and became law on Thursday after receiving royal assent. It will now help law enforcement agencies quickly seize and freeze cryptocurrency involved in criminal operations.
The Economic Crime and Corporate Transparency Act covers a wide range of criminal activity, from drug trafficking to cybercrime.
The provisions of the bill give greater powers to local police officers, allowing them to seize cryptocurrency through criminal connections without a conviction. According to experts, such an innovation will help to make urgent decisions without delay and respond to the detection of criminal intentions, which has become especially relevant after the discovery of illegal cryptocurrency assets of terrorist organizations, including Hamas.
Read also: Bitget nominated for esteemed FF Awards 2023.