The UK Prime Minister, Boris Johnson, is empowering regulators to fast-track the process of seizing cryptocurrencies. Johnson has introduced new legislation that focuses on the seizure of digital assets used in criminal activities.
The UK Prime Minister’s actions have also been motivated by the need to ensure that Russia does not turn towards digital assets to escape the sanctions imposed by Western nations.
UK Prime Minister proposes legislation to seize digital assets
Johnson, who is also the leader of the UK Conservative Party, is introducing an economic crime bill that seeks to deter the use of financial assets in illicit activities. The bill also focuses on implementing sanctions imposed against Russia and ensuring that regulators have enough power to seize digital assets.
A Reuters report said that under this bill, it would be possible for law enforcement officers within the UK to confiscate and recover cryptocurrencies used in illicit activities more quickly.
Prince Charles, the heir to the throne, has also championed the bill. The prince said that “a bill will be brought forward to strengthen powers to tackle illicit finance, reduce economic crime and help businesses grow.”
This bill will also look toward “driving dirty money out of Britain.” It will ensure that sanctioned Russian individuals and those closely related to Russia’s President, Vladimir Putin, are not beneficiaries of the UK economy.
Crypto regulations in the UK
The UK has a harsh climate for cryptocurrency activities. Over the past few months, authorities in the country have been closely monitoring the sector to assess how digital assets were used in illicit activities and confiscate these tokens from those using them to commit crimes.
In March, Britain passed the Economic Crime Act that imposed financial sanctions on many Russian individuals and institutions. The individuals and entities targeted were believed to be close to Putin and were involved in the Russian invasion of Ukraine.
The Bank of England remains opposed to cryptocurrency investments. Recently, the Prudential Regulation Authority (PRA) at the Bank of England announced plans to secure a $420 million in funding to regulate cryptocurrencies and monitor their use within the UK market.
The organization is also planning to expand its staff to regulate the buzzing industries. Under the PRA’s plans, crypto firms will be required “to report their crypto-asset exposures, treatments, and future investment plans.”