UK law enforcement agencies can now confiscate crime-related crypto assets without conviction

The UK Home Office announced in a press release on Friday that new powers to seize cryptocurrencies used in crimes have come into effect. The Home Office stated that due to these new regulations, police in the country will no longer need to make an arrest before seizing cryptocurrency holdings, making it easier to seize assets known to have been obtained through criminal means, even if seasoned criminals are able to protect their anonymity or are located overseas.

These new regulations were introduced following the passage of the Criminal Finances Act by the UK Parliament last year, which laid the groundwork for faster cryptocurrency seizures.