Home / Business / Bitcoin faces intense scrutiny as police call for new powers to freeze crypto assets in the UK.

Bitcoin faces intense scrutiny as police call for new powers to freeze crypto assets in the UK.



Bitcoin is under intense scrutiny in the UK. As the country’s largest police force calls for new powers to freeze assets. cryptocurrency Just days after the financial watchdog said many crypto businesses did not meet anti-money laundering standards.

Detectives with the London Metropolitan Police Also known as Scotland Yard headquarters, it wants the ability to freeze digital assets of criminals in the same way they can stop them from transferring money, the Times of London reported on Monday.

The police service is also lobbying governments for legal changes that make it harder for criminals to transfer crypto assets, according to the report.

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Mick Gallagher, chief investigator at Scotland Yard’s Specialist Criminal Command, told the Times, “The conversation we have is how we align digital currencies with the same guidelines we have with cash-based crimes.” Cryptocurrency is invisible it happened immediately it spread all over the world Intangible.”

Crypto assets like bitcoin BTCUSD
-1.24%

BTCUSD,
-1.24%,
Ethereum ETHUSD,
+0.21%,
and even dogecoin DOGEUSD
-3.88%,
Can buy, sell and send anonymously This is because transactions are encrypted with a decentralized ledger technology called blockchain.

Because these assets are not issued or regulated by central banks or official authorities. Its use is therefore largely unregulated and is outside the scope of government intervention. Because of this, it can be a popular money laundering tool for criminals.

positive: ‘Overconfidence’: why most men under 30 trade bitcoin

Scotland Yard’s call for new powers to curb money laundering with cryptos comes just days after a warning about the practice from the Financial Conduct Authority, the UK’s financial regulator and its custodian.

On June 3, the FCA said that “many crypto businesses” did not meet the standards set forth under money laundering regulations. The announcement comes as regulators have postponed an eight-month deadline for existing crypto businesses to register.

at the beginning of this year The head of the European Central Bank has called for global regulation of Bitcoin, saying multilateral action is needed to stop it. “Funny business” and money laundering Christine Lagarde, speaking at a Jan. 13 meeting, said bitcoin “has carried out a funny business and an entirely compelling and reprehensible money-laundering activity.”

read: Police raided suspect cannabis farm only to discover illegal bitcoin mining operation: report


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