The UK to Strengthen Fight Against Use of Crypto for Criminal Purposes
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March 31, 2023

The British authorities have just introduced a 3-year plan aimed at "tackling economic crime" that provides for measures to strengthen the fight against the use of cryptocurrencies for criminal purposes.

Reportedly, the document, which has been drafted by Her Majesty's Home Office and HM Treasury, aims to reduce fraud, money laundering, kleptocracy as well as reduce opportunities to evade penalties.

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According to the country's authorities, most cryptocurrency transactions are conducted legally, however, the pseudo-anonymous and cross-border nature of the assets makes them attractive for illegal transactions.

The authorities believe criminals will increasingly use unregulated securities platforms and trading platforms for criminal purposes.

According to the plan:

"The government will set out ambitious plans to protect consumers and grow the economy by robustly regulating cryptoasset activities – providing confidence and clarity to consumers and businesses alike."

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