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London Police Requests for the Ability to Freeze Crypto Assets

London Police Requests for the Ability to Freeze Crypto Assets
  • London Metro Police detectives requested to have the ability to freeze crypto assets
  • This will only apply to crypto-assets with links to criminal entities
  • The police aim to stop those who are performing money laundering through crypto

The detectives for the London Metro police recently requested the ability to freeze crypto assets. This request applies to the power to prevent individuals or businesses suspected of criminal behavior from making transactions.

Aside from this, authorities started to coordinate with the government. They are asking for changes in the legislation. These changes aim to move toward making it harder for criminals to use crypto for money laundering.

Mick Gallagher, the detective chief superintendent at the Met’s central specialist crime command, had an interview with the Times. There, he said that cryptocurrencies like bitcoin cannot be frozen or seized at all times because the legislation has not caught up yet.

Gallagher added that

“the conversations that we’re having is about how we align cryptocurrency to the same kind of approach that we have about cash-based criminality.”

In short, the detectives want crypto to conform to the same cash transaction laws. However, simply the nature of crypto makes it especially difficult for the police to have jurisdiction. Because of this, it is relatively easy for criminals to use crypto for money laundering.

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Joseph Joestar is a CoinQuora contributor. He works in various blockchain marketing content projects, specializing in written content such as technical whitepapers, press releases, and articles.