The UK has confirmed plans to begin to regulate the crypto industry and focus on the darker underbelly of crypto.
Moving forward, the government will be able to seize ill-gotten profits, such as money made from ransomware and redistribute it as it sees fit.
This comes in the context of the UK doubling down on its ambition to fight financial crime, which will partly be enabled through a “reduction of red tape” for the crypto sector.
Meanwhile, a new Economic Crime and Corporate Transparency bill has been proposed to ensure that authorities have the powers to quickly and efficiently seize any money that has resulted from ransomware. A civil forfeiture power will be used to ensure that the money can be taken from identified culprits.
These changes are coming with the blessing of financial services minister John Glen who is looking to also regulate the industry in its entirety.
In April, Glen introduced several proposals that pertain to the regulation of the non-fungible token and stablecoin industries.
If you don’t care much about regulation, then you can use your crypto safely as a consumer at places such as Bitcasino, 1xBit or FortuneJack.