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UK prepares bill to allow seizing, freezing and seizing cryptocurrencies

The UK intends to expand the powers of the country’s law enforcement agencies in the field of regulation of the cryptocurrency market by adopting another bill that will provide the authorities with more opportunities to seize, freeze and return cryptocurrencies.
A new anti-money laundering bill introduced in the UK today aims to make it easier for law enforcement to seize digital assets as part of a broader fight against money laundering.

“Domestic and international perpetrators have been laundering the proceeds of their crimes and corruption for years by abusing UK company structures and are increasingly using cryptocurrencies,” said Graham Biggar, head of the National Crime Agency.

At the end of June 2021, the London Metropolitan Police seized £114 million (about $158 million at the time) in cryptocurrency as part of a money laundering investigation.

Later, law enforcement officials announced the largest confiscation of digital assets – about £180 million ($250 million).
On July 20, the UK Treasury tabled a bill to regulate stablecoins in Parliament. The document proposes to regulate stablecoins as a form of payments. Its main goal is to increase the flexibility and competitiveness of the country’s financial system, as well as create a standard for using stablecoins when making transactions.
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