The UK Parliament passed a bill allowing the government to seize and freeze virtual assets.

According to Cointelegraph on Sep. 26 (local time), the UK’s Economic Crime and Corporate Transparency Bill was approved. The bill was introduced in September 2022 with the aim of expanding police investigative powers to crack down on virtual assets used in crimes such as cybercrime, fraud, and drug trafficking. It allows for the seizure of crypto assets used in crimes even if the suspect flees overseas, and prevents crypto assets from being used for “terrorist purposes.

The United Kingdom has become a major cryptocurrency economy as the government cracks down on crypto-related crimes. According to blockchain analytics firm Chantic, the U.K. has the highest trading volume in Central, Western, and Northern Europe. In February, crypto tax software developer Recap said London was the world’s most crypto-friendly city, ahead of Dubai and New York.

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