UK bill focused on seizing illegal crypto moves to final stages

The bill will make it easier for law enforcement to seize crypto used in crimes

article-image

VAKS-Stock Agency/Shutterstock modified by Blockworks

share

The Economic Crime and Corporate Transparency Bill is making its way through the final stages of approval after going through the House of Lords.

The UK bill, initially introduced in September of last year, would expand authorities’ abilities to seize and freeze crypto used in crimes including money laundering and drug trafficking.

It has passed through both the House of Commons and the House of Lords, meaning that it just has to go through a consideration of amendments in the House of Commons before it is made law through Royal assent. Essentially, King Charles will formally agree to make it law.

According to the bill’s site, the consideration of amendments is scheduled to take place on Oct. 18.

“We hope we can ensure that enforcement takes place once it is on the statute book, so that dirty money can be exposed, illegal assets can be seized, and action is taken against those who are guilty of economic crime. We must not have further delay in pushing for transparency and action in tackling economic crime,” Labour MP Rushanara Ali said according to a transcript.

The legislation would link to the Proceeds of Crime Act 2002, which “sets out the legislative scheme for the recovery of criminal assets with criminal confiscation being the most commonly used power.” The new legislation would make it easier for authorities to seize and freeze crypto linked to criminal activities.

The UK has been cracking down on crypto, from ads to crypto transaction reporting. In July, it threw out a proposal to regulate crypto trading and investing like gambling.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

Crypto is still on a mission — and still needs users

article-image

After its first phone drew jeers from a popular tech YouTuber, Solana Mobile delivered on its newest device

article-image

Markets strongly suspect that committee members will make the first interest rate cut of 2025

article-image

After four days of deliberation, the jury found Roman Storm guilty on Wednesday of one federal count

article-image

Pendle’s new platform transforms perp funding into tradable yield units — paving the way for a full-stack onchain fixed-income ecosystem

article-image

9.6% of crypto industry employees were paid in crypto, and most opted for USDC and USDT