December 8, 2023

UK House of Lords passes bill to seize stolen crypto

A bill that aims to expand the ability of authorities in the United Kindom to target illicit cryptocurrency usage has been pushed to the final stages for approval by the House of Lords. 

The Economic Crime and Corporate Transparency Bill was introduced in September 2022 and primarily aims to tackle crypto-related financial crimes. Over the past year, the bill went from the House of Commons to the House of Lords and is now in the final stages of approval.

The Economic Crime and Corporate Transparency Bill progress. Source: bills.parliament.uk

During the review, the House of Lords agreed on certain amendments to clarify its intent of targeting monetary proceeds from fraud or other financial crimes. In addition, the bill also aims to set provisions for corporate transparency and overseas business registrations.

At the final stage, the House of Commons will either decide to accept the proposed amendments or recommend changes to the bill. Following the approval, the bill will be signed into law through royal assent, a method by which a monarch formally approves an act of the legislature.

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The U.K.’s financial regulator, the Financial Conduct Authority (FCA), recently revealed its willingness to work with crypto companies to develop a much-awaited regulatory framework for the industry.

Speaking at the London’s City Week conference, FCA Executive Director Sarah Pritchard said:

“Let’s work together to shape our rules and regulations to benefit markets, consumers and firms as crypto goes from niche to mainstream.”

Pritchard noted the FCA’s responsibilities are limited to making sure that crypto firms that operate in the U.K. comply with Anti-Money Laundering and Counter-Terrorist Financing legislation.

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