header-logo header-logo

11 October 2024 / Andrew Bird KC
Issue: 8089 / Categories: Features , Criminal , Crypto , Cybercrime , Regulatory
printer mail-detail

Cracking down on crypto

192561
The state now recognises that cryptoassets are being used to trade & hold the proceeds of crime. Andrew Bird KC examines the new regulatory powers
  • Examines the new powers added to the Proceeds of Crime Act 2002 for the search, seizure, freezing, forfeiture and destruction of cryptoassets, in force since 26 April 2024. What is set out below applies only to England and Wales. Similar provisions for Scotland are not yet in force.

On 26 April 2024, the amendments to the Proceeds of Crime Act 2002 (POCA 2002) enacted in Sch 8 and 9 to the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) were brought into force. These provide express powers of search, seizure, freezing, forfeiture, realisation and/or destruction of cryptoassets and cryptoasset-related items (CRIs). Definitions are provided, and non-fungible tokens, as well as cryptocurrency, are included.

In fact, the more adventurous law enforcement agencies had been using existing legislation without challenge for some years, as the definitions of ‘property’ in s 84 of POCA 2002 (for the criminal powers in Pt 2) and s 316(4)

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Gateley Legal—Jack Kelly

Gateley Legal—Jack Kelly

Gateley Legal expands Midlands residential development team

Gibson Dunn—Richard Surtees

Gibson Dunn—Richard Surtees

Gibson Dunn adds employee benefits and executive compensation practice in London with partner Richard Surtees

Laytons ETL—Alec Cameron

Laytons ETL—Alec Cameron

Laytons ETL appoints new partner and head of intellectual property disputes

NEWS
A series of recent decisions has clarified important principles across property law, from perpetuities to lease renewals and public rights over land
Employers cannot rely on wellbeing services alone to defend workplace stress claims after a High Court decision awarding almost £1m to an overworked employee
Andy Burnham's brand of 'Manchesterism' could offer fresh thinking on legal aid and access to justice if it reaches Westminster, according to Roger Smith, NLJ columnist and former director of JUSTICE
The constitutional fallout from a change of prime minister, rather than the politics, is under scrutiny as questions arise over the limits of executive authority in a leadership transition
The legal profession is undergoing a fundamental shift from selling services to creating technology-enabled products, according to Professor Luke Mason, Head of School of Law at Regent's University London
back-to-top-scroll