PANews reported on February 27 that according to Decrypt, the British government has proposed a new bill that expands its power to seize and destroy cryptocurrencies related to criminal activities. Following the first reading of the Crime and Policing Bill in the House of Commons, the bill is currently undergoing a second reading and will soon enter the committee review stage.

The new legislation aims to improve law enforcement’s ability to seize illicit crypto assets and return them to victims, while strengthening the country’s overall approach to combating economic crime. A key provision of the bill gives the Royal Court expanded powers to handle confiscation orders involving cryptocurrencies.

The bill also outlines how assets that must be destroyed will be handled, ensuring that their value is properly assessed based on the market price at the time of destruction. In addition to expanding seizure powers, the bill includes provisions to streamline asset recovery procedures, allowing law enforcement to recover stolen funds and return them to victims. The bill seeks to ensure that those responsible for crimes involving digital assets do not retain the benefits of their illegal activities.