Lawmakers in the UK’s upper house of parliament are moving forward with legislation aimed at expanding authorities’ ability to target cryptocurrencies used for illicit purposes.

At the session of the House of Lords of the British Parliament on July 4, legislators performed third reading of the Economic Crime and Corporate Transparency Act – legislation introduced in September 2022 as part of efforts to streamline the power of law enforcement agencies to crack down on cryptocurrency-related financial crime. Members of the House of Lords did not appear to propose any changes related to cryptocurrency enforcement in the final reading of the bill, describing the recommendations as “minor” or “comforting” amendments.

June 27 version of the law included provisions amending existing frameworks to give authorities more flexibility in the confiscation and civil enforcement of crypto-assets. Additionally, the legislation clarified the government’s authority over digital assets “intended to be used for the purposes of terrorism” or related grounds. British lawmakers will consider any amendments to the bill before it can be approved by royal assent.

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In March the British Govt he said it was planned to “vigorously” regulate cryptocurrencies to combat the illicit use of digital assets as part of its economic crime plan from 2023 to 2026. At the time, lawmakers said they planned to pass the Economic Crime and Corporate Transparency Act by the fourth quarter of 2023. and also coordinate with various agencies implementing the Financial Action Task Force travel rules.

The House of Lords also gave the third reading of the Financial Services and Markets Bill on 19 June. signed into law On June 29, it was aimed at helping promote the adoption of crypto-assets in the country.

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