header-logo header-logo

Cracking down on crypto

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

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

Freeths—Ruth Clare

Freeths—Ruth Clare

National real estate team bolstered by partner hire in Manchester

Farrer & Co—Claire Gordon

Farrer & Co—Claire Gordon

Partner appointed head of family team

mfg Solicitors—Neil Harrison

mfg Solicitors—Neil Harrison

Firm strengthens agriculture and rural affairs team with partner return

NEWS
Conveyancing lawyers have enjoyed a rapid win after campaigning against UK Finance’s decision to charge for access to the Mortgage Lenders’ Handbook
The Crown Prosecution Service (CPS) has launched a recruitment drive for talented early career and more senior barristers and solicitors
Regulators differed in the clarity and consistency of their post-Mazur advice and guidance, according to an interim report by the Legal Services Board (LSB)
The dangers of uncritical artificial intelligence (AI) use in legal practice are no longer hypothetical. In this week's NLJ, Dr Charanjit Singh of Holborn Chambers examines cases where lawyers relied on ‘hallucinated’ citations — entirely fictitious authorities generated by AI tools
The Solicitors Act 1974 may still underpin legal regulation, but its age is increasingly showing. Writing in NLJ this week, Victoria Morrison-Hughes of the Association of Costs Lawyers argues that the Act is ‘out of step with modern consumer law’ and actively deters fairness
back-to-top-scroll