The UK government is heavily invested in cracking down on cybercrime in the crypto industry. As such, the new executive led by Liz Truss has announced that it will not slow down the march towards regulation.
Financial crime and corporate transparency bill
Moreover, the government intends to continue working to make the UK a benchmark in the crypto sector. Recently, it provided a nearly 250-page bill on crypto.
The 250-page document was first introduced last May, but it only received its first reading this Thursday. As for the second reading, it is scheduled for October 13.
The bill inevitably includes a crypto component that will give law enforcement more. It will aim to more easily seize, freeze and recover crypto assets used for criminal purposes.
The bill title is : the “Financial Crime and Corporate Transparency Bill“. In otehr terms, it aims to make the UK a prosperous place for business creation and development while “driving dirty money out of the country”.
The bill has received validation from the UK Home Office. It has also been validated by the Department for Business, Energy and Industrial Strategy as well as the Serious Fraud Office and the Treasury.
Graeme Biggar, director general of the National Crime Agency, said:
“National and international criminals have been laundering the proceeds of their crime and corruption for years by abusing UK corporate structures, and are increasingly using cryptocurrencies.”
For Graeme Biggar, the new reforms were long overdue and have been very well received. These reforms will help the British government crack down on cybercriminals.
For the new British government, it is necessary to put measures in place to fight crypto related crime. So, while remaining crypto-friendly, the government intends to crack down on anyone using cryptocurrencies for criminal purposes.
After the first reading of the new bill in the House of Commons, a second reading is scheduled for October 13 to validate the bill into law.