The UK has recently implemented a revised version of the Economic Crime and Corporate Transparency Act, which allows authorities to confiscate, freeze, or even destroy encrypted assets related to illegal criminal activities without the need for prior arrest or conviction.
Under the new law, the UK police will be able to seize cryptocurrency assets before arresting the criminals. The Attorney General of the UK stated that this will make it easier to confiscate known criminal proceeds. Investigators and prosecutors must adapt to the constantly changing nature of crime, and the new measures will greatly enhance our ability to restrain and freeze illegal encrypted assets.
In addition to transferring confiscated encrypted assets to wallets controlled by law enforcement agencies, the police can further destroy the encrypted assets if it is assessed that their re-circulation would be detrimental to the public interest.
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