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The United Kingdom passed the Economic Crime and Corporate Transparency bill Thursday.<\/p>\n
The bill \u2014 which moved to the final stages of the process in September \u2014 will expand the abilities of authorities to freeze and seize crypto suspected of being used in crimes such as money laundering and drug trafficking.<\/p>\n
It\u2019s tied to an earlier piece of legislation, the Proceeds of Crime Act<\/a> 2002, which aims to \u201cout the legislative scheme for the recovery of criminal assets with criminal confiscation being the most commonly used power.\u201d<\/p>\n The bill now awaits the Royal Assent \u2014 also expected to take place Thursday \u2014which is when King Charles agrees to make it law.<\/p>\n Read more<\/strong>: FCA issues \u2018final warning\u2019 to crypto firms ahead of Oct. 3 marketing regulation rollout<\/a><\/p>\n The passing of the bill is the latest act by the UK to regulate crypto. Earlier this month, the UK\u2019s Financial Conduct Authority officially enacted new rules around crypto ads<\/a>.\u00a0<\/p>\n Additionally, the FCA, as of Wednesday has sent out over 220 warnings to crypto companies. Even companies trying to comply with the stricter rules have had to make adjustments.\u00a0<\/p>\n Binance, for example, temporarily paused UK services<\/a> after its UK partner, Rebuilding Society, was restricted from approving ads<\/a>.\u00a0<\/p>\n The FCA warned<\/a> firms on Wednesday about the risk warnings being \u201chard to read\u201d and \u201cnot being visible enough.\u201d<\/p>\n The UK is working on both being more crypto-friendly and also imposing new regulations.\u00a0<\/p>\n Back in June, the Law Commission found that English and Wales laws were \u201csufficiently resilient\u201d<\/a> for crypto, though they\u2019d need some tweaking. The Commission penned the paper on digital assets in the hope of securing the \u201cUK\u2019s position as a global crypto hub.\u201d<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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