UK to Start Seizing Stolen Crypto: House of Lords Approve Bill
UK advances a new law to combat cryptocurrency crimes, with final approval nearing. The FCA gears up to set clear crypto rules for everyone's benefit.
The UK is close to approving a new law to tackle illegal use of cryptocurrencies. This law, called the Economic Crime and Corporate Transparency Bill, started in September 2022. It has moved through different stages and is now almost ready for final approval.
This bill mainly wants to stop crimes related to cryptocurrencies. The House of Lords has made changes to make sure the law targets money from fraud and other bad activities. It also talks about how businesses should be clear about their actions and register if they are from other countries.
Next, the House of Commons will review the changes and decide if they agree or want more changes. After that, the law will be officially approved by the monarch, a ceremony known as the royal assent.
The UK's financial watchdog, the FCA, is ready to work with crypto companies to make clear rules. Sarah Pritchard from the FCA said at a conference in London:
"We want to make rules together for the good of everyone as crypto becomes more popular." She also said the FCA’s main job is to make sure crypto companies follow laws against money laundering and terrorist funding.
