The UK Proposes to Simplify Crypto Withdrawal

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The UK’s Parliament plans to consider a bill aimed at combating cybercrime and money laundering. In particular, the document will expand the powers of law enforcement agencies in relation to cryptocurrencies.

According to the description, the project will simplify and speed up the “withdrawal, freezing and return of digital assets.”

Graham Biggar, head of the National Crime Agency, has said:

“Domestic and international perpetrators have been laundering the proceeds of their crimes and corruption for years by abusing UK company structures and are increasingly using cryptocurrencies.”

The London Metropolitan Police seized £114 million in cryptocurrency at the end of 2021 as part of a money laundering investigation.