The UK government has introduced the Crime and Policing Bill, aiming to enhance its ability to recover proceeds from cryptocurrency-related crime. The bill sets out provisions for valuing cryptocurrency, establishes procedures for courts to recover illicit funds, and expands powers for the Crown Court to issue seizure orders. It addresses various criminal issues, including anti-social behaviour, sexual offences, and terrorism, with a specific focus on confiscating criminal assets tied to cryptocurrencies.

The legislation will grant the Crown Court additional authority to manage and confiscate money, cryptocurrency, and personal property in criminal cases. Provisions within the bill also introduce measures for the destruction of seized cryptocurrency, ensuring that the market value at the time of destruction is taken into account, with adjustments made for any changes in value.

The bill further amends existing laws, replacing magistrates' courts with the Crown Court in handling cryptocurrency assets. These updates aim to streamline the management of confiscation orders, ensuring that cryptocurrencies can be more effectively seized, valued, and recovered in cases involving criminal activity.