The House of Lords approved the Economic Crime and Corporate Transparency Bill, which was initially proposed in September of last year, today, putting it one step closer to becoming law.
Although the House of Lords did not update the bill’s crypto provisions, it was revised during earlier proceedings to ensure that the measures applied to terrorist cases and measures to assist police in seizing property that may help identify crypto related to crime were introduced. In addition, an amendment was made to guarantee that courts might request that authorities confiscate and freeze cryptocurrency used in criminal activity.
The bill’s progress comes only days after King Charles III, the UK’s constitutional monarch, signed the Financial Services and Markets Bill 2023 into law. The Act contains rules for the regulation of cryptocurrencies and stablecoins. It also contains procedures for monitoring cryptocurrency marketing, which the Financial Conduct Authority intends to implement by October 8, 2023.
However, the new bill’s adoption by the UK’s upper house means it only needs a few more stages to become law: a successful review by the lower chamber, the House of Commons, agreement on further revisions by both chambers and approval by King Charles III.
Many amendments to the bill have been proposed by UK politicians in recent months. They introduced measures in November to allow public authorities to confiscate digital assets related to terrorist activities and to seize properties that may aid in the identification of cryptocurrencies linked to a crime.
The government said in March that combatting illicit usage of cryptocurrency as part of its three-year economic crime program. The government has sent crypto tactical consultants to police departments around the country to assist in the identification and seizure of digital assets linked to the crime.
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