The United Kingdom passed the Economic Crime and Corporate Transparency bill Thursday.
The bill — which moved to the final stages of the process in September — will expand the abilities of authorities to freeze and seize crypto suspected of being used in crimes such as money laundering and drug trafficking.
It’s tied to an earlier piece of legislation, the Proceeds of Crime Act 2002, which aims to “out the legislative scheme for the recovery of criminal assets with criminal confiscation being the most commonly used power.”
The bill now awaits the Royal Assent — also expected to take place Thursday —which is when King Charles agrees to make it law.
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