UK Proposes Law To Seize Crypto Assets, Is Crypto Going Down in London? -Breaking
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UK Proposes Law to Seize Crypto Assets. Is Crypto going down in London?- The UK government is proposing a law to combat cryptocurrency crimes.
- British Government requires Google (NASDAQ 🙂 and Facebook(NASDAQ 🙂 to fight fraud related to financial products.
- Struggles below $40k
UK Government plans to introduce a law which could reduce the risk of crypto-assets, and also help fight economic crime. Due to rising crime in the country, this movement was initiated. Online scams that use cryptocurrency and fraud have increased dramatically since the Covid-19 pandemic.
UK government told parliament’s Treasury Select Committee,
We propose, in particular, the establishment of a civil forfeiture authority to reduce the risk that those who cannot be prosecuted use their money for criminal activity.
To combat fraud and scams involving digital assets, the government will continue to work with social media platforms. Detail: The British government is already supporting the idea to mandate online platforms, such as Facebook or Google to address frauds and threats financial products proactive.
The representative of the government stated that
To help victims of online fraud, we are collaborating closely with tech companies as well as law enforcement partners.
However, crypto markets continue to suffer as governments around the globe create new laws regarding crypto assets. The market capitalization in crypto has dropped to a mere -3% within the past 24 hours. The industry has a market capitalization of $1.8 trillion.
Moreover, Bitcoin – the king of crypto assets – keeps its number one position in terms of market cap holdings. The price of Bitcoin is below $40k, with an average 24-hour trading volume greater than $24 Billion.
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