An April change to United Kingdom law will allow authorities to treat crypto like other assets by seizing it without accusing suspects of wrongdoing.
Most of us view it as tyrannical or indefensible when a government seizes someone’s assets without arresting them or even charging them with a crime. But thanks to a law that went into effect in April, that’s the new reality facing cryptocurrency owners in the United Kingdom., which amended confiscation regimes in the Proceeds of Crime Act 2002 . U.K. police and the National Crime Agency may now seize crypto assets from suspects without arresting them.
While it is unsurprising to see this approach expanded to crypto, authorities may now use this power as a means of carrying out unjustified — but legal — seizures. The approach does not acknowledge a presumption of innocence. The door is now open for U.K. authorities to abuse their power in targeting crypto holders, and exploited for personal or political motives.
The law advises officials to"destroy" crypto if it"is not collected within a year of its release," but fails to note that crypto is indestructible. Source: Circular on the Economic Crime and Corporate Transparency Act The focus on crypto-related offenses should involve development of the common law. The Law Commission Digital Assets Report, published in June 2023, highlighted the progress made by the judiciary in this regard and championed the development of the common law. But the common law alone has been unable to address all the problems, so it remains unclear exactly why it has taken so long for parliament to enact these new powers in response to this.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Never Trumpers to former prez: Please, please take Fox News pundit’s adviceAnd who thinks he should take it.
Read more »
If I Have To Make One More Decision I’ll ScreamPlease, please do not ask me what's for dinner.
Read more »
Satanists not welcome in schools but 'welcome to go to hell' says state superintendentOklahoma education chief Ryan Walters opposes The Satanic Temple's plan to place its ministers in schools after a bill passed the state House that would permit volunteer chaplains.
Read more »
Why giant sequoias, redwoods are thriving in the United KingdomThe sequoias and redwoods — which aren’t invasive — have still managed to grow and survive after being introduced and planted in the 1800s throughout the northern part of the region.
Read more »
Why giant sequoias, redwoods are thriving in the United KingdomThe sequoias and redwoods — which aren’t invasive — have still managed to grow and survive after being introduced and planted in the 1800s throughout the northern part of the region.
Read more »
Why Prince Harry Is Unlikely to Bring Meghan Markle and Kids to U.K.Meghan Markle is not expected to join husband Prince Harry when he visits the United Kingdom
Read more »