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UK Police Seeks New Crypto Law to Stop Criminal Activities

UK Police Seeks New Crypto Law to Stop Criminal Activities
  • UK police push government to create a new law to freeze cryptocurrencies.
  • The new law will allow the UK police to freeze crypto assets involved in illegal activities.

The United Kingdom police are pushing the government to create a new law that will enable them to freeze cryptocurrencies. Specifically, Scotland Yard detectives are asking the support of the local authorities to enable them to freeze crypto assets. This initiative was made by the UK police force due to the increasing criminal activities using cryptocurrencies.

Mick Gallagher, a retired detective chief superintendent at the Metropolitan Police, explained:

“Because cryptocurrency, and criminality involving crypto, has developed so quickly, and because legislation is so slow, we’re having conversations now about realigning some legislation that currently applies to laundered cash to cryptocurrency.”

He added that the current law in freezing assets doesn’t apply to cryptocurrency.

“ In some legislation we have about account-freezing orders, the word account is a critical word. But there is no such thing as an account in the world of cryptocurrency as they use wallets. So you just have to make slight legislative tweaking so that the wording includes wallet, he said.

Moreover, this is not the first time the crypto space was used or involved in illegal activities. In other news, the Bank of Namibia (BON) has warned individuals in the country trading in crypto.  This is due to the increasing scam activities regarding cryptocurrency in the country.

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A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.