The UK’s National Crime Agency and police have been granted the authority to confiscate and eradicate cryptocurrency used by criminals.
They are also allowed to seize passwords and memory cards during investigations, and have the right to liquidate cryptocurrency if its return to circulation would be detrimental to the public’s well-being, particularly in regards to privacy coins.
In addition, law enforcement can now transfer seized illegal cryptocurrency to controlled wallets in order to return it to victims of crime, as long as they submit relevant statements.
According to a press release, digital assets and NFTs have become a tool for drug dealers and fraudsters. These new changes aim to prevent criminals from using cryptocurrencies for illegal purposes.
UK Home Secretary James Cleverley stated that the reforms will strengthen the country’s national security, citing the use of digital assets by terrorist organizations like Daesh (ISIS) to raise funds.
