Lawmakers in the upper house of the U.K. Parliament are pushing ahead with legislation that aims to enhance authorities’ ability to target cryptocurrencies involved in illicit activities.
During a meeting held on July 4, members of the U.K. Parliament’s House of Lords conducted a third reading of the Economic Crime and Corporate Transparency Bill.
This bill, introduced in September 2022, seeks to empower law enforcement agencies in their efforts to combat financial crimes associated with cryptocurrencies.
READ MORE: Empowering the Future of Finance: A Deep Dive into AllianceBlock
Notably, no significant proposals relating to crypto enforcement were put forward during the recent reading, with suggested amendments being described as minor adjustments.
A version of the bill dated June 27 contained provisions that amended existing frameworks to grant authorities more flexibility in seizing and recovering crypto assets.
Furthermore, the legislation clarified the government’s jurisdiction over digital assets intended for terrorism or other related purposes. Before the bill can be enacted through royal assent, U.K. lawmakers will carefully consider all proposed amendments.
In March, the U.K. government announced its plans to implement robust regulations for cryptocurrencies as part of its economic crime plan spanning 2023 to 2026.
Lawmakers expressed their intention to pass the Economic Crime and Corporate Transparency Bill by the fourth quarter of 2023 and collaborate with various agencies to enforce the Financial Action Task Force’s Travel Rule.
Furthermore, on June 19, the House of Lords conducted a third reading of the Financial Services and Markets Bill, which was signed into law on June 29.
The primary objective of this legislation is to facilitate the adoption of crypto assets within the country, demonstrating the U.K.’s commitment to fostering an environment conducive to the growth and integration of digital currencies.
Overall, the U.K. Parliament’s efforts to enact legislation for the regulation of cryptocurrencies and combat financial crimes associated with them demonstrate a proactive approach to ensuring the integrity and security of the financial system.
By streamlining enforcement authorities’ powers and providing clearer guidelines, the U.K. is taking significant steps toward safeguarding against illicit use of cryptocurrencies while encouraging the responsible adoption of digital assets.
