New UK law takes effect-"Police can confiscate cryptocurrencies without arrest" sparks controversy
The UK has implemented new laws since April, allowing the police and the National Crime Agency to confiscate cryptocurrencies without arresting suspects. According to the 2023 amendment to the Economic Crime and Corporate Transparency Act, authorities can confiscate cryptocurrencies and physical items related to people suspected of engaging in criminal activities. This move has sparked controversy, with some people worried that it may lead to abuse of power and undermine individual rights. The law does not yet detail how to destroy confiscated assets, nor does it specify how the police share information when cryptocurrencies are transferred to other jurisdictions. This new system will have a direct impact on crimes such as fraud and drugs, but it has also raised public concerns about abuse of power.