In an effort to effectively fight cryptocurrency-related crimes, the UK government has announced drastic measures that will come into effect from April 26.
According to recent legal documents, the country’s authorities will be able to freeze and, where necessary, destroy crypto assets linked to illicit activities without requiring a prior conviction.
Amendments to the Economic Crime and Corporate Transparency Act 2023 give the National Crime Agency expanded power to directly confiscate crypto assets from both exchanges and custodial wallet providers.
This new legal framework seeks to address various forms of crimes. Including cybercrime, scams and drug trafficking, offering authorities the ability to act more agilely and efficiently.
Although the specific method of destroying cryptoassets has not been detailed, it is suggested that the most common option could be burning, thus transferring the tokens to a designated wallet address and removing them from circulation.
Indonesia Reconsiders Cryptocurrency Taxes
A local report revealed that the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) has requested the country’s Ministry of Finance for a review of the government’s stance on cryptocurrency taxation.
According to the report, Bappebti executives have urged a re-evaluation of existing taxes. Including the 0.11% value added tax (VAT) imposed by the government on every cryptocurrency transaction in Indonesia, as well as the 0.1% income tax applied to cryptocurrency profits.
Tirta Karma Senjaya, head of the Development and Market Development Office at Bappebti, explained the reason behind this request, indicating that cryptocurrencies are projected to become an essential part of the Indonesian economy in the near future.
SEC Commissioner ‘Crypto Mom’ Advocates for Clear Rules and Criticizes Retroactivity in Sector Supervision
Hester Peirce, known as “Crypto Mom” for her progressive stance towards cryptocurrencies, launched blunt criticism of the Securities and Exchange Commission (SEC), calling parts of its regulatory approach “unproductive” and “useless.”
The Republican SEC commissioner expressed her views while speaking at the ETHDenver event on Thursday afternoon, thus questioning the effectiveness of the agency in supervising the cryptocurrency industry.
Peirce noted that the SEC’s enforcement team has been active, bringing significant cases against prominent players in the crypto space, such as Coinbase, Kraken, and NFT creator Stoner Cats, for failing to register with the regulator. However, she highlighted the lack of clarity in the rules, and expressed dissatisfaction with the retrospective prosecution of cases involving registration violations.
Although Peirce did not downplay the importance of registration obligations, she stressed that the lack of clear definitions of what constitutes a security makes retrospective pursuit unproductive.
Crypto Miners Celebrate Withdrawal of Court Request Against US Department of Energy
The government survey on electricity use by cryptocurrency mining companies, which had generated controversy and a lawsuit, comes to an end after an agreement between the parties involved.
The Energy Information Administration (EIA), a statistical and analytical agency within the United States Department of Energy, had announced in February the beginning of the survey, provoking the reaction of the Texas Blockchain Council and the bitcoin mining company Riot Platforms, which sued the Department of Energy, alleging a “sloppy government process.”
Last Friday, a court notice revealed that the parties reached a settlement, demanding that the EIA “destroy any information” obtained and withdraw the survey. Additionally, the EIA plans to publish a new announcement about the survey that will allow public comment.
By Leonardo Perez
