Law enforcement agencies in the United Kingdom (UK) now have the authority to seize cryptocurrency assets from suspects without having to make any arrests. A new government announcement states that new legislation, which came into effect on Friday, grants additional powers to the UK’s National Crime Agency (NCA) and the police. These expanded powers allow authorities to confiscate crypto assets from anonymous or overseas-based “sophisticated criminals”. In addition, the police can also seize physical items associated with cryptocurrency investigations, such as flash drives and written passwords. If returning a seized crypto asset to circulation is deemed detrimental to the public good, the police are now authorized to destroy it. Furthermore, victims of cryptocurrency crime can now apply for the return of their stolen digital assets. Chief Crown Prosecutor Adrian Foster asserts that these enhanced powers are crucial in an era when criminals are exploiting cryptocurrency technology to launder their illicit profits globally with ease. He emphasizes the importance of investigators and prosecutors keeping up with the evolving nature of crime, and believes that these measures will significantly aid in restraining, freezing, or eliminating crypto assets derived from illegal activities.
