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The seizure of crypto-assets under the civil recovery regime is not new, but ECCTA introduces reforms which will make it easier and applicable in more situations. From 26 April 2024 it introduces new powers for law enforcement to seize, freeze and recover crypto-assets, with powers for the courts to order their sale by crypto-asset service providers such as wallet services and pay the proceeds into court.
Whereas previously it was necessary for an arrest to have been made before a Civil Recovery Order could be made, ECCTA modifies the requirement to reasonable grounds for suspicion that a crypto-asset is recoverable property or intended to be used unlawfully. This will make the seizure of crypto-assets where the holder suspected of criminal behaviour is unidentified or outside the jurisdiction. While this may not help bring crypto-criminals to justice, it will facilitate the return of stolen property to victims and the removal of the proceeds of cyber-crime.
This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.
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