Burn-and-remint: a new tool in cryptoasset recovery?

Could a bold interpretation of the new powers contained in Part 5 of the Proceeds of Crime Act 2002 provide a silver bullet for law enforcement? Ashley Fairbrother, Joe Nahal-Macdonald & Sarah Wood set out the case

This article considers the new powers contained within Pt 5 of the Proceeds of Crime Act 2002, and whether UK law enforcement should harness the cryptocurrency Tether’s ‘burn-and-remint’ mechanism to help victims to recover stolen assets.
The authors consider that the criteria to be satisfied in order for these new powers to be used are met, and moreover that there is likely to be a willingness by both law enforcement and the courts to adopt a purposive interpretation to these powers.

With effect from 26 April 2024, the Economic Crime and Corporate Transparency Act 2023 introduced new powers into Pt 5 of the Proceeds of Crime Act 2002 (POCA 2002) providing for the seizure, detention, freezing and forfeiture of cryptoassets and related items. These powers are exercisable by the magistrates’ court.

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Burn-and-remint: a new tool in cryptoasset recovery?

Issue: 8099 / Categories: Features , Criminal , Crypto , Fraud , Technology

This article considers the new powers contained within Pt 5 of the Proceeds of Crime Act 2002, and whether UK law enforcement should harness the cryptocurrency Tether’s ‘burn-and-remint’ mechanism to help victims to recover stolen assets.
The authors consider that the criteria to be satisfied in order for these new powers to be used are met, and moreover that there is likely to be a willingness by both law enforcement and the courts to adopt a purposive interpretation to these powers.

If you are not a subscriber, subscribe now to read this content

If you are already a subscriber sign in

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Burn-and-remint: a new tool in cryptoasset recovery?

MOVERS & SHAKERS

Gateley Legal—Jack Kelly

Gibson Dunn—Richard Surtees

Laytons ETL—Alec Cameron