News

• UK police now have powers to seize, freeze or destroy criminal crypto holdings.
• It follows new legislation that comes into effect today, April 26, 2024.
• Reforms to help UK’s national security, said Home Secretary James Cleverly.

Law enforcement officials in the United Kingdom can now seize, freeze or destroy crypto assets deemed to be illicit without having to first make any arrest.

This is after the UK government updated legislation around proceeds of crime and terror to authorise police and the National Crime Agency (NCA) to investigate and seize any cryptocurrency linked to criminal activity.

A press release the UK Home Office published on Friday notes that the new rules come into effect on April 26, 2024. Targeted are drug dealers, fraudsters and terrorists among other organised criminals.

With the new powers, police have the authority not just to seize crypto, but can transfer seized assets to electronic wallets or destroy them if their return to circulation is deemed negative for the public good. Law enforcement officers are also allowed to take control of passwords or memory sticks.

“The changes that come into force today will stop criminals from undermining the legitimate use of crypto, while also supporting the development of crypto as a potential driver of economic growth,” reads part of the press release.   

Reforms “bad news for criminals”

According to Home Secretary James Cleverly, the reforms are crucial to the UK’s national security, with criminals never allowed to benefit from illicit activities.

UK Security Minister Tom Tugendhat added that the revamped rules “are bad news for criminals.”

UK’s new legislation comes into force after parliament passed a related crime bill in September 2023. The development has helped police and the NCA to seize millions of dollars’ worth of illicit crypto.

For instance, the NCA teamed up with the US Drug Enforcement Administration (DEA) in an operation that resulted in the seizure of over $150 million from a criminal drug enterprise in January this year.

The UK has also seized over £750,000 ($937,890) from three men who accepted crypto for counterfeit drugs. In 2021, the UK police seized $250 million in crypto from suspected money launders. 

The post UK authorises police to seize illicit crypto without arrests appeared first on CoinJournal.

• UK police now have powers to seize, freeze or destroy criminal crypto holdings.
• It follows new legislation that comes into effect today, April 26, 2024.
• Reforms to help UK’s national security, said Home Secretary James Cleverly.

Law enforcement officials in the United Kingdom can now seize, freeze or destroy crypto assets deemed to be illicit without having to first make any arrest.

This is after the UK government updated legislation around proceeds of crime and terror to authorise police and the National Crime Agency (NCA) to investigate and seize any cryptocurrency linked to criminal activity.

A press release the UK Home Office published on Friday notes that the new rules come into effect on April 26, 2024. Targeted are drug dealers, fraudsters and terrorists among other organised criminals.

With the new powers, police have the authority not just to seize crypto, but can transfer seized assets to electronic wallets or destroy them if their return to circulation is deemed negative for the public good. Law enforcement officers are also allowed to take control of passwords or memory sticks.

“The changes that come into force today will stop criminals from undermining the legitimate use of crypto, while also supporting the development of crypto as a potential driver of economic growth,” reads part of the press release.   

Reforms “bad news for criminals”

According to Home Secretary James Cleverly, the reforms are crucial to the UK’s national security, with criminals never allowed to benefit from illicit activities.

UK Security Minister Tom Tugendhat added that the revamped rules “are bad news for criminals.”

UK’s new legislation comes into force after parliament passed a related crime bill in September 2023. The development has helped police and the NCA to seize millions of dollars’ worth of illicit crypto.

For instance, the NCA teamed up with the US Drug Enforcement Administration (DEA) in an operation that resulted in the seizure of over $150 million from a criminal drug enterprise in January this year.

The UK has also seized over £750,000 ($937,890) from three men who accepted crypto for counterfeit drugs. In 2021, the UK police seized $250 million in crypto from suspected money launders. 

The post UK authorises police to seize illicit crypto without arrests appeared first on CoinJournal.

• UK police now have powers to seize, freeze or destroy criminal crypto holdings.
• It follows new legislation that comes into effect today, April 26, 2024.
• Reforms to help UK’s national security, said Home Secretary James Cleverly.

Law enforcement officials in the United Kingdom can now seize, freeze or destroy crypto assets deemed to be illicit without having to first make any arrest.

This is after the UK government updated legislation around proceeds of crime and terror to authorise police and the National Crime Agency (NCA) to investigate and seize any cryptocurrency linked to criminal activity.

A press release the UK Home Office published on Friday notes that the new rules come into effect on April 26, 2024. Targeted are drug dealers, fraudsters and terrorists among other organised criminals.

With the new powers, police have the authority not just to seize crypto, but can transfer seized assets to electronic wallets or destroy them if their return to circulation is deemed negative for the public good. Law enforcement officers are also allowed to take control of passwords or memory sticks.

“The changes that come into force today will stop criminals from undermining the legitimate use of crypto, while also supporting the development of crypto as a potential driver of economic growth,” reads part of the press release.   

Reforms “bad news for criminals”

According to Home Secretary James Cleverly, the reforms are crucial to the UK’s national security, with criminals never allowed to benefit from illicit activities.

UK Security Minister Tom Tugendhat added that the revamped rules “are bad news for criminals.”

UK’s new legislation comes into force after parliament passed a related crime bill in September 2023. The development has helped police and the NCA to seize millions of dollars’ worth of illicit crypto.

For instance, the NCA teamed up with the US Drug Enforcement Administration (DEA) in an operation that resulted in the seizure of over $150 million from a criminal drug enterprise in January this year.

The UK has also seized over £750,000 ($937,890) from three men who accepted crypto for counterfeit drugs. In 2021, the UK police seized $250 million in crypto from suspected money launders. 

The post UK authorises police to seize illicit crypto without arrests appeared first on CoinJournal.

• UK police now have powers to seize, freeze or destroy criminal crypto holdings.
• It follows new legislation that comes into effect today, April 26, 2024.
• Reforms to help UK’s national security, said Home Secretary James Cleverly.

Law enforcement officials in the United Kingdom can now seize, freeze or destroy crypto assets deemed to be illicit without having to first make any arrest.

This is after the UK government updated legislation around proceeds of crime and terror to authorise police and the National Crime Agency (NCA) to investigate and seize any cryptocurrency linked to criminal activity.

A press release the UK Home Office published on Friday notes that the new rules come into effect on April 26, 2024. Targeted are drug dealers, fraudsters and terrorists among other organised criminals.

With the new powers, police have the authority not just to seize crypto, but can transfer seized assets to electronic wallets or destroy them if their return to circulation is deemed negative for the public good. Law enforcement officers are also allowed to take control of passwords or memory sticks.

“The changes that come into force today will stop criminals from undermining the legitimate use of crypto, while also supporting the development of crypto as a potential driver of economic growth,” reads part of the press release.   

Reforms “bad news for criminals”

According to Home Secretary James Cleverly, the reforms are crucial to the UK’s national security, with criminals never allowed to benefit from illicit activities.

UK Security Minister Tom Tugendhat added that the revamped rules “are bad news for criminals.”

UK’s new legislation comes into force after parliament passed a related crime bill in September 2023. The development has helped police and the NCA to seize millions of dollars’ worth of illicit crypto.

For instance, the NCA teamed up with the US Drug Enforcement Administration (DEA) in an operation that resulted in the seizure of over $150 million from a criminal drug enterprise in January this year.

The UK has also seized over £750,000 ($937,890) from three men who accepted crypto for counterfeit drugs. In 2021, the UK police seized $250 million in crypto from suspected money launders. 

The post UK authorises police to seize illicit crypto without arrests appeared first on CoinJournal.

• UK police now have powers to seize, freeze or destroy criminal crypto holdings.
• It follows new legislation that comes into effect today, April 26, 2024.
• Reforms to help UK’s national security, said Home Secretary James Cleverly.

Law enforcement officials in the United Kingdom can now seize, freeze or destroy crypto assets deemed to be illicit without having to first make any arrest.

This is after the UK government updated legislation around proceeds of crime and terror to authorise police and the National Crime Agency (NCA) to investigate and seize any cryptocurrency linked to criminal activity.

A press release the UK Home Office published on Friday notes that the new rules come into effect on April 26, 2024. Targeted are drug dealers, fraudsters and terrorists among other organised criminals.

With the new powers, police have the authority not just to seize crypto, but can transfer seized assets to electronic wallets or destroy them if their return to circulation is deemed negative for the public good. Law enforcement officers are also allowed to take control of passwords or memory sticks.

“The changes that come into force today will stop criminals from undermining the legitimate use of crypto, while also supporting the development of crypto as a potential driver of economic growth,” reads part of the press release.   

Reforms “bad news for criminals”

According to Home Secretary James Cleverly, the reforms are crucial to the UK’s national security, with criminals never allowed to benefit from illicit activities.

UK Security Minister Tom Tugendhat added that the revamped rules “are bad news for criminals.”

UK’s new legislation comes into force after parliament passed a related crime bill in September 2023. The development has helped police and the NCA to seize millions of dollars’ worth of illicit crypto.

For instance, the NCA teamed up with the US Drug Enforcement Administration (DEA) in an operation that resulted in the seizure of over $150 million from a criminal drug enterprise in January this year.

The UK has also seized over £750,000 ($937,890) from three men who accepted crypto for counterfeit drugs. In 2021, the UK police seized $250 million in crypto from suspected money launders. 

The post UK authorises police to seize illicit crypto without arrests appeared first on CoinJournal.

• UK police now have powers to seize, freeze or destroy criminal crypto holdings.
• It follows new legislation that comes into effect today, April 26, 2024.
• Reforms to help UK’s national security, said Home Secretary James Cleverly.

Law enforcement officials in the United Kingdom can now seize, freeze or destroy crypto assets deemed to be illicit without having to first make any arrest.

This is after the UK government updated legislation around proceeds of crime and terror to authorise police and the National Crime Agency (NCA) to investigate and seize any cryptocurrency linked to criminal activity.

A press release the UK Home Office published on Friday notes that the new rules come into effect on April 26, 2024. Targeted are drug dealers, fraudsters and terrorists among other organised criminals.

With the new powers, police have the authority not just to seize crypto, but can transfer seized assets to electronic wallets or destroy them if their return to circulation is deemed negative for the public good. Law enforcement officers are also allowed to take control of passwords or memory sticks.

“The changes that come into force today will stop criminals from undermining the legitimate use of crypto, while also supporting the development of crypto as a potential driver of economic growth,” reads part of the press release.   

Reforms “bad news for criminals”

According to Home Secretary James Cleverly, the reforms are crucial to the UK’s national security, with criminals never allowed to benefit from illicit activities.

UK Security Minister Tom Tugendhat added that the revamped rules “are bad news for criminals.”

UK’s new legislation comes into force after parliament passed a related crime bill in September 2023. The development has helped police and the NCA to seize millions of dollars’ worth of illicit crypto.

For instance, the NCA teamed up with the US Drug Enforcement Administration (DEA) in an operation that resulted in the seizure of over $150 million from a criminal drug enterprise in January this year.

The UK has also seized over £750,000 ($937,890) from three men who accepted crypto for counterfeit drugs. In 2021, the UK police seized $250 million in crypto from suspected money launders. 

The post UK authorises police to seize illicit crypto without arrests appeared first on CoinJournal.

• UK police now have powers to seize, freeze or destroy criminal crypto holdings.
• It follows new legislation that comes into effect today, April 26, 2024.
• Reforms to help UK’s national security, said Home Secretary James Cleverly.

Law enforcement officials in the United Kingdom can now seize, freeze or destroy crypto assets deemed to be illicit without having to first make any arrest.

This is after the UK government updated legislation around proceeds of crime and terror to authorise police and the National Crime Agency (NCA) to investigate and seize any cryptocurrency linked to criminal activity.

A press release the UK Home Office published on Friday notes that the new rules come into effect on April 26, 2024. Targeted are drug dealers, fraudsters and terrorists among other organised criminals.

With the new powers, police have the authority not just to seize crypto, but can transfer seized assets to electronic wallets or destroy them if their return to circulation is deemed negative for the public good. Law enforcement officers are also allowed to take control of passwords or memory sticks.

“The changes that come into force today will stop criminals from undermining the legitimate use of crypto, while also supporting the development of crypto as a potential driver of economic growth,” reads part of the press release.   

Reforms “bad news for criminals”

According to Home Secretary James Cleverly, the reforms are crucial to the UK’s national security, with criminals never allowed to benefit from illicit activities.

UK Security Minister Tom Tugendhat added that the revamped rules “are bad news for criminals.”

UK’s new legislation comes into force after parliament passed a related crime bill in September 2023. The development has helped police and the NCA to seize millions of dollars’ worth of illicit crypto.

For instance, the NCA teamed up with the US Drug Enforcement Administration (DEA) in an operation that resulted in the seizure of over $150 million from a criminal drug enterprise in January this year.

The UK has also seized over £750,000 ($937,890) from three men who accepted crypto for counterfeit drugs. In 2021, the UK police seized $250 million in crypto from suspected money launders. 

The post UK authorises police to seize illicit crypto without arrests appeared first on CoinJournal.

• UK police now have powers to seize, freeze or destroy criminal crypto holdings.
• It follows new legislation that comes into effect today, April 26, 2024.
• Reforms to help UK’s national security, said Home Secretary James Cleverly.

Law enforcement officials in the United Kingdom can now seize, freeze or destroy crypto assets deemed to be illicit without having to first make any arrest.

This is after the UK government updated legislation around proceeds of crime and terror to authorise police and the National Crime Agency (NCA) to investigate and seize any cryptocurrency linked to criminal activity.

A press release the UK Home Office published on Friday notes that the new rules come into effect on April 26, 2024. Targeted are drug dealers, fraudsters and terrorists among other organised criminals.

With the new powers, police have the authority not just to seize crypto, but can transfer seized assets to electronic wallets or destroy them if their return to circulation is deemed negative for the public good. Law enforcement officers are also allowed to take control of passwords or memory sticks.

“The changes that come into force today will stop criminals from undermining the legitimate use of crypto, while also supporting the development of crypto as a potential driver of economic growth,” reads part of the press release.   

Reforms “bad news for criminals”

According to Home Secretary James Cleverly, the reforms are crucial to the UK’s national security, with criminals never allowed to benefit from illicit activities.

UK Security Minister Tom Tugendhat added that the revamped rules “are bad news for criminals.”

UK’s new legislation comes into force after parliament passed a related crime bill in September 2023. The development has helped police and the NCA to seize millions of dollars’ worth of illicit crypto.

For instance, the NCA teamed up with the US Drug Enforcement Administration (DEA) in an operation that resulted in the seizure of over $150 million from a criminal drug enterprise in January this year.

The UK has also seized over £750,000 ($937,890) from three men who accepted crypto for counterfeit drugs. In 2021, the UK police seized $250 million in crypto from suspected money launders. 

The post UK authorises police to seize illicit crypto without arrests appeared first on CoinJournal.

Key takeaways:

• Yao Qian, a local pro-blockchain official, is allegedly being investigated by Chinese authorities, who believe she has broken the law.
• Yao continued to be involved in conversations and research related to digital currencies even after leaving the PBoC’s active CBDC development.

The Central Committee of the Communist Party of China is reportedly looking into Yao on suspicion of “serious violations” of the law and discipline, according to a report published in the Shanghai Securities News on April 26. The precise rationale behind the inquiry is kept a secret.

Yao, currently the director of the Science and Technology Supervision Bureau at the China Securities Regulatory Commission, is a well-known figure in the Chinese blockchain scene.

The People’s Bank of China (PBoC) appointed him as the inaugural director of the central bank digital currency (CBDC) research department in 2017. He is also known as China’s “Crypto Dad” and held this position from 2017 to 2018.

Yao continued to be involved in conversations and research related to digital currencies even after leaving the PBoC’s active CBDC development.

In May 2021, the former head of CBDC research for the PBoC predicted that state-controlled digital currencies would become more “smart” and eventually function on blockchain networks like Ethereum.

Mainland China became one of the first countries in the world to finish real-world CBDC tests when its digital yuan, or CBDC, was launched in late 2019.

In 2021, the People’s Bank of China (PBoC) initiated cross-border CBDC experiments in partnership with the central banks of Hong Kong, Thailand, and the United Arab Emirates, shortly after initiating domestic digital yuan testing.

President Xi Jinping of China urged for rapid blockchain adoption in October 2019, which aligns with the country’s “blockchain, not crypto” strategy. This coincides with the launch of PBoC’s digital yuan.

The Chinese government, which has a negative attitude toward the technology, will prohibit all cryptocurrency transactions by 2021.

Hong Kong, a special administrative territory of China, has been actively pursuing cryptocurrency development in recent years despite mainland China’s rejection of the concept.

The Securities and Futures Commission (SFC) of Hong Kong approved the first group of spot Bitcoin and Ether Exchange Traded Funds (ETFs) on April 24. When spot Ether ETFs are approved and launched for trading on April 30, Hong Kong will surpass the US in this regard.