- The Government of the UK aims to tackle the use of cryptocurrencies in money laundering based on a recent report.
- The proposal was put forward alongside the economic crime bill requiring foreign companies to reveal their identities.
- The recent Russian invasion and rising cryptocurrency crimes have fueled concerns around "dirty money" in the UK.
- Bitcoin's correlation with equities remained high, and bloodbath continued amidst fear of a bear market.
The Government of the UK has proposed reforms in seizing cryptocurrencies alongside a bill to curb the origin of "dirty money." Proponents believe rising geopolitical tension and Russian aggression could have fueled the proposal to seize crypto.
UK acts promptly to curb flow of "dirty money" in the economy
While the crypto market bloodbath continues, the government of the UK has responded to money laundering through cryptocurrencies in its economy. The Companies House has proposed legislation to increase the Government of UK's power to seize cryptocurrencies in its economy.
The bill was tackled at curbing the use of digital currencies in funding illicit economic activities in the UK. A white paper on reforms to control the flow of "dirty money" and seize cryptocurrencies would soon be presented to the UK's registrar of businesses, the Companies House.
Proponents argue that Russian aggression and the ongoing geopolitical crisis could have motivated the prompt move by regulators.
The UK's new economic crime bill has addressed the use of digital assets in nefarious funding. The proposed reform in the economic crime bill would require foreign owners and applicants registering new companies to provide information on their identity.
The two proposals have mass appeal, empowering the Government of the UK to seize cryptocurrencies. The government's concern about the flow of "dirty money" in the UK economy increased with the rising pressure from the Russian-Ukrainian war.
Demand for cryptocurrencies could plummet with the introduction of the new bill by UK regulators.
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