Lawmakers in the upper house of the UK Parliament are making strides in passing legislation to strengthen authorities’ ability to combat the illicit use of cryptocurrencies. On July 4, during a meeting of the House of Lords, the Economic Crime and Corporate Transparency Bill underwent its third reading.Â
Proposed in September 2022, this bill aims to enhance law enforcement’s power to tackle financial crimes associated with cryptocurrencies. In the latest reading, no major amendments were suggested, with lawmakers focusing on minor adjustments to the legislation.
The updated version of the bill, dated June 27, incorporates provisions that provide authorities with more flexibility in confiscating and recovering crypto assets. Moreover, it clarifies the government’s jurisdiction over digital assets intended for terrorist activities or related purposes. Before becoming law through royal assent, the bill will undergo a thorough review of all proposed amendments.
In line with their economic crime plan for 2023-2026, the UK government expressed its intention to robustly regulate cryptocurrencies to combat their illicit use. This plan includes passing the Economic Crime and Corporate Transparency Bill by the end of 2023 and collaborating with various agencies to implement the Financial Action Task Force’s, Travel Rule.
Also Read: UK Lawmakers Create Way for Crypto Adoption in Landmark Bill
Earlier, on June 19, the House of Lords conducted the third reading of the Financial Services and Markets Bill, which aims to facilitate the adoption of crypto assets in the country. The bill was subsequently signed into law on June 29, marking another step forward for the crypto industry in the UK.
