Eternity Law International — News — The UK intends to simplify the confiscation of cryptocurrency

The UK intends to simplify the confiscation of cryptocurrency

Published:
October 21, 2022

The UK wants to reproduce reported amendments to the cryptocurrency regulations in the UK – Economic Crime and Transparency law to permit the quick take of crypto-assets connected to terrorism.

Who regulates the UK Crypto industry?

The UK Financial Conduct Authority (FCA)has taken control of the British AML and CTF rules in operations related to cryptos. Due to this, any UK-based cryptocurrency exchange operations have to be FCA enrolled, while certain enterprises that deal in virtual assets may be able to do so by obtaining an e-license instead.

Terroristic crypto: UK Crypto Regulation

British governance simplified the procedure for law performance to take crypto used in criminal activity.

This is done to make sure that all law-enforcement agencies, especially those who deal with counter-terrorism, have the power they require to successfully confiscate, and freeze crypto-assets that may or may not have been utilized for terror-related actions.

The Home Department aims to take action against the growing usage of crypto-assets for criminal and terror-related actions.

Parliament is presently debating the Financial Services and Markets law that will give the nation’s controllers additional capability to control digital money.

Prohibitions

Residents in the UK are permitted to crypto purchasing and trade under local ordinances. Of course, they have certain exceptions. The FCA highlighted five main justifications for the prohibition:

  • the assets’ basic value cannot be determined with accuracy;
  • market manipulation and financial crime in the aftermarket;
  • prices for crypto fluctuate quite quickly;
  • clients don’t understand the operation of cryptocurrencies;
  • there aren’t any legal reasons for clients to buy the products.

Besides, it is prohibited the selling of cryptocurrency agreements between two parties that derive their value/price from an underlying asset to retail customers.

Additionally, the prohibition does not apply to institutional businesses or expert traders, who have historically had entry to financial mechanisms that are riskier than those available to the general public.

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