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The U.K. Home Office declared that new policies giving law enforcement agencies the power to seize bitcoin used for illegal purposes had gone into effect. This is a major change in law enforcement policy, since British police are no longer required to make arrests before taking cryptocurrency holdings.
The impetus for these regulatory modifications comes from the UK Parliament passing a criminal bill last year that set the stage for accelerating bitcoin seizures. In line with the Home Office’s press release, this move is intended to make it easier to seize assets that have been acquired illegally, even when the offenders try to hide their names or operate from overseas.
To bolster their efforts, law enforcement agencies have strategically stationed crypto tactical advisors nationwide. Already, significant strides have been made, with authorities seizing hundreds of millions of pounds worth of cryptocurrency. Notably, a joint operation between the National Crime Agency and the U.S. Drug Enforcement Administration in January resulted in the confiscation of $150 million in cash and crypto linked to a drug syndicate.
Chief Crown Prosecutor Adrian Foster underscored the importance of these measures in combating evolving criminal tactics. “It is vital that investigators and prosecutors have the capability and agility to keep pace with this changing nature of crime which these new measures will greatly assist our ability to restrain, freeze, or eliminate crypto assets from illegal enterprise,” Foster emphasized.
In addition, police now have the power to move bitcoin that has been confiscated into wallets managed by law enforcement. Authorities have the authority to permanently destroy cryptocurrency holdings if putting the confiscated money back into circulation would endanger the welfare of the public. Privacy coins were mentioned in the news release as an example of assets that may be destroyed.
Home Secretary James Cleverly highlighted the broader implications of these reforms, particularly in bolstering national security efforts. “Terrorist organizations like Daesh are known to raise funds through crypto transactions and these updated powers will enable our agencies to more easily strip them of their assets,” Cleverly affirmed.