UK Prime Minister empowers regulators to seize more digital assets
Categories: Crypto News UK
UK Prime Minister empowers regulators to seize more
UK Prime Minister proposes legislation to seize digital assets
Johnson, who is also the leader of the UK Conservative Party, is introducing an economic crime bill that seeks to deter the use of financial assets in illicit activities. The bill also focuses on implementing sanctions imposed against Russia and ensuring that regulators have enough power to seize digital assets.Prince Charles, the heir to the throne, has also championed the bill. The prince said that “a bill will be brought forward to strengthen powers to tackle illicit finance, reduce economic crime and help businesses grow.”
This bill will also look toward “driving dirty money out of Britain.” It will ensure that sanctioned Russian individuals and those closely related to Russia’s President, Vladimir Putin, are not beneficiaries of the UK economy.Crypto regulations in the UK.The UK has a harsh climate for cryptocurrency activities. Over the past few months, authorities in the country have been closely monitoring the sector to assess how digital assets were used in illicit activities and confiscate these tokens from those using them to commit crimes.
In March, Britain passed the Economic Crime Act that imposed financial sanctions on many Russian individuals and institutions. The individuals and entities targeted were believed to be close to Putin and were involved in the Russian invasion of Ukraine.The Bank of England remains opposed to cryptocurrency investments. Recently, the Prudential Regulation Authority (PRA) at the Bank of England announced plans to secure a $420 million in funding to regulate cryptocurrencies and monitor their use within the UK market.
The organization is also planning to expand its staff to regulate the buzzing industries. Under the PRA’s plans, crypto firms will be required “to report their crypto-asset exposures, treatments, and future investment plans.”