CRYPTO NEWS: UK AUTHORITIES PASS REGULATIONS TO MAKE IT EASIER TO SEIZE CRYPTOCURRENCY.

UK AUTHORITIES PASS REGULATIONS TO MAKE IT EASIER TO SEIZE CRYPTOCURRENCY
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UK AUTHORITIES PASS REGULATIONS TO MAKE IT EASIER TO SEIZE CRYPTOCURRENCY CONNECTED TO TERRORISM. THE NUMBER OF TERRORIST ACTS INVOLVING CRYPTOCURRENCIES IS EXPECTED TO TREBLE, SO THE U.K. HAS ADOPTED NEW REGULATIONS THAT MAKE IT SIMPLER FOR LAW ENFORCEMENT TO RECOVER CRYPTOCURRENCY LINKED TO TERRORISTS.

THE REGULATIONS WERE PUT UP AS CHANGES TO THE BILL ON CORPORATE TRANSPARENCY AND ECONOMIC CRIME, AS COIN DESK RECENTLY REPORTED.

UK AUTHORITIES PASS REGULATIONS TO MAKE IT EASIER TO SEIZE CRYPTOCURRENCY:

UK AUTHORITIES PASS REGULATIONS TO MAKE IT EASIER TO SEIZE CRYPTOCURRENCY
UK AUTHORITIES PASS REGULATIONS TO MAKE IT EASIER TO SEIZE CRYPTOCURRENCY

TOM TUGENDHAT, THE STATE MINISTER IN CHARGE OF TERRORISM AND CRIME CONTROL, STATED LAST WEEK THAT “THIS FILLS A VOID IN PRESENT COUNTERTERRORISM LEGISLATION.”

THE LEGISLATION AGAINST TERRORISM WILL “SIGNIFICANTLY DECREASE THE RISK POSED BY INDIVIDUALS WHO CANNOT BE BROUGHT TO JUSTICE THROUGH THE CRIMINAL SYSTEM, BUT USE THEIR PROCEEDS HELD AS CRYPTO ASSETS TO CONDUCT ADDITIONAL CRIMINALITY,” HE CONTINUED.

SVETLANA MARTYNOVA, A SENIOR LAW OFFICIAL ON THE UNITED NATIONS ANTI – TERRORISM COMMITTEE, SAID THAT TERRORIST ATTACKS CONNECTED TO DIGITAL ASSETS MIGHT TREBLE FROM PREVIOUSLY DOCUMENTED INCIDENTS, ACCORDING TO A PYMNTS STUDY FROM LAST MONTH.

UNTIL RECENTLY, JUST 5% OF TERROR ACTS THAT THE UN INVESTIGATED HAD CONNECTIONS TO CRYPTOCURRENCY FINANCING OR TRADE; HOWEVER, “NOW WE’RE THINKING THAT IT MAY REACH ABOUT 20%,” MARTYNOVA TOLD BLOOMBERG NEWS.

IT’S LIKELY THAT A UN SECURITY COUNCIL DECISION WILL BE PROPOSED TO URGE MEMBER NATIONS TO ADDRESS THE THREATS ASSOCIATED WITH VIRTUAL ASSETS AND THE FUNDING OF TERRORISM. THE UN IS NOT TAKING THIS GROWTH IN CRYPTO CRIME LIGHTLY.

AS MORE PEOPLE USE CRYPTOCURRENCIES FOR INTERNATIONAL TRANSACTIONS, THEY ARE BECOMING MORE PREVALENT.

NEARLY 60% OF CROSS-BORDER ENTERPRISES USE AT LEAST ONE CRYPTOCURRENCY, AND 56% OF CROSS-BORDER BUSINESSES REPORT USING BLOCKCHAIN TECHNOLOGY, ACCORDING TO THE PYMNTS REPORT “CRYPTOCURRENCY, BLOCKCHAIN AND CROSS-BORDER PAYMENTS: HOW MULTINATIONALS LEVERAGE NEW TECHNOLOGY TO OPTIMIZE BUSINESS PAYMENTS”.

THE U.K. REFERENDUM TOOK PLACE AT THE SAME TIME THAT AUTHORITIES THERE ARE DEALING WITH AN UPSURGE IN THE NUMBER OF RECORDED SCAMS INVOLVING CRYPTO ASSETS, AS PYMNTS REPORTED LAST WEEK.

ACCORDING TO DATA OBTAINED THROUGH A FREEDOM OF INFORMATION ACT (FOI) REQUEST SUBMITTED BY CAPITAL BLOCK, THE FINANCIAL CONDUCT AUTHORITY GOT 7,287 REPORTS OF SCAMS INVOLVING DIGITAL ASSETS BETWEEN JULY 2021 AND JUNE 2022, A 45% RISE FROM THE PREVIOUS YEAR.

IT IS ASTOUNDING THAT THERE IS STILL NO ADEQUATE CRYPTO REGULATION IN PLACE IN THE MAJOR FINANCIAL HUBS OF THE WORLD. ACCORDING TO TIM MANGNALL, CEO OF CAPITAL BLOCK, CRYPTOCURRENCY MUST BE REGARDED LIKE ANY OTHER INVESTMENT, LIKE EQUITIES AND SHARES, AND MUST BE GOVERNED CONSISTENTLY ON A GLOBAL SCALE.

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CRYPTO NEWS: UK AUTHORITIES PASS REGULATIONS TO MAKE IT EASIER TO SEIZE CRYPTOCURRENCY.

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