The Economic Crime and Corporate Transparency Bill, which would assist law enforcement authorities in seizing and freezing cryptocurrency used in crime, moved a step closer to becoming law after being ratified by Parliament’s upper chamber on Tuesday.
While the House of Lords made no amendments to the crypto components of the bill, it was revised during earlier proceedings to ensure that the measures applied to terrorism cases and measures to assist authorities in seizing property that can help identify crypto linked to crime were included.
In addition, an amendment was made to ensure that courts might request that authorities confiscate and freeze cryptocurrency used in criminal activity.
The government announced in March that combatting criminal usage of cryptocurrency was part of its three-year economic crime programme.