In attention to information disclosed by Syed Rahman for the Cointelegraph portal, "A change introduced in April to UK legislation will allow authorities to treat cryptocurrencies like other assets, seizing them without charging criminal suspects."
I agree with Rahman when he expresses, "For most of us, it feels tyrannical or indefensible when a government seizes someone's assets without arresting them or even charging them with a crime. But thanks to a law that came into effect in April, that's the new reality facing cryptocurrency owners in the U.K."
It noted that, "Exactly how such assets will be destroyed has not been detailed. The regulators issued a statement on how to implement the law, but it is far from complete. It details the scenarios in which the destruction powers can be exercised, but does not provide details on the practice of how such destruction will be carried out."
Additionally it was also mentioned that, "Cryptocurrencies have been used for years by criminal gangs to launder the proceeds of crime. Supporters of the new measures suggest they will help combat some of that money laundering."
Last and not least, "While it is not surprising to see this approach extended to the realm of cryptocurrencies, authorities can now use this power as a means to carry out unwarranted, but lawful, seizures. The approach does not recognize a presumption of innocence. It now opens the door for UK authorities to abuse their power by targeting cryptocurrency holders and exploiting those powers for personal or political motivations."
SOURCES CONSULTED
Cointelegraph. Welcome to the United Kingdom — Please hand over your crypto. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
