United States of America: Adopted Home Office circular detailing powers related to crypto asset confiscation in the Economic Crime and Corporate Transparency Act (circular 004/2024 )

On 26 April 2024, the UK Home Office adopted an outline detailing new powers related to crypto asset confiscation in the Economic Crime and Corporate Transparency Act. The outline provides guidance on the implementation of new powers related to crypto asset confiscation in the UK. It covers amendments to the confiscation regimes under the Proceeds of Crime Act 2002 (POCA) introduced by the Economic Crime and Corporate Transparency Act 2023. The amendments enhance the ability to confiscate crypto assets, aligning with the evolving landscape of digital assets. They remove the requirement for a person to be arrested before property seizure, introduce powers to seize physical items likely to assist in seizing crypto assets and provide procedures for detaining, releasing, and destroying crypto asset-related items.