UK Police Granted Authority to Seize Criminal Cryptocurrency Holdings Without Arrests

The United Kingdom has granted expanded authority to its National Crime Agency (NCA) and police to seize, freeze, and destroy cryptocurrency used by criminals, without requiring arrests. Under the new rules effective from April 26, police can confiscate illicit cryptocurrency and transfer it to wallets controlled by authorities, with victims being able to reclaim funds. Additionally, the police can seize items like passwords or memory sticks to aid investigations, and crypto assets can be eliminated if returning them to circulation is deemed detrimental to the public good. These measures, part of a crime bill passed by the U.K. parliament in 2023, aim to prevent criminals from exploiting crypto for illicit purposes while also promoting its legitimate use for economic growth.