Sat, April 27, 2024 at 19:12

• 

  Kang-hoon

  • Good day, Annie.

  • I have some interesting news to share.

  • The United Kingdom (UK) police now have the authority to seize crypto assets from suspects without making any arrests.

  • 
• Annie

  • Oh, really?😮 That sounds like a big change.

  • What led to this new rule?

  
• 

  Kang-hoon

  • This new legislation came into effect last Friday.

  • It grants additional crypto-related powers to the UK's National Crime Agency (NCA) and police.

• Annie

  • Wow!

  • So, what exactly can they do now?

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • The expanded powers allow authorities to seize crypto from sophisticated criminals who remain anonymous or are based overseas.

  • 

  • They can also seize physical items related to crypto investigations like flash drives and written passwords.

• Annie

  • That's intense!😲 What happens to the seized assets?

  
• 

  Kang-hoon

  • UK police are now also allowed to destroy a crypto asset if returning it to circulation is not conducive to the public good.

  • 

  • Moreover, victims of crypto crime will be empowered to apply for the return of digital assets stolen from them.

• Annie

  • Oh, that's good for the victims at least.👍 But why did they decide to implement these changes now?

  
• 

  Kang-hoon

  • Chief Crown Prosecutor Adrian Foster argues that these expanded powers are necessary in an era when criminals are taking advantage of crypto technology.

  • Crypto assets are often used by criminal gangs to launder their criminal profits internationally at the touch of a button.

• Annie

  • I see.

  • So, it's all about keeping up with the changing nature of crime.

  • But is this news good or bad for the crypto market?

  
• 

  Kang-hoon

  • Well, it's a bit of a double-edged sword.

  • On one hand, it could be seen as a positive step towards regulating the crypto market and making it safer.

  • On the other hand, it could also be seen as an invasion of privacy and a threat to the decentralized nature of cryptocurrencies.

  • 

  • Ultimately, it depends on how these new powers are used and whether they are effective in combating crime.

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.