The British government has drawn up plans to strengthen the regulation of encrypted assets in order to diligently address economic crimes in the country.

In a policy and regulation published on March 30, the Treasury and the Home Office said they planned to regulate login passwords to crack down on the illegal use of data assets. The high level of attention to regulation is part of the national economic crime plan from 2023 to 2026, which also includes the pooling of "knowledge and skills of law enforcement agencies". To review and enhance the methods in which login password assets involved in the judicial process are likely to be detained and stored.

"these initiatives will be in line with everyone's ambition to make the UK a high-profile destination for encryption assets and indigenous innovation in encryption assets," the plan said. " "while interesting, efficient regulation of encrypted assets benefits everyone, including users and enterprises."

In accordance with this policy and regulation, the British government department indicated that it is expected that the suspect will transfer his encryption transaction to "less regulated trading centers and services" in other jurisdictions. The Office of personal Conduct Supervision (FCA) of the host financial system, one of the agencies that regulate encrypted assets, will work with the international industry to communicate and exchange information on responses at the encryption regulatory and regulatory level. According to this industry report:

According to the [National Crime Bureau] S National Accreditation Center, through the possibility of trading volume in the UK, the sale of illegal encryption assets related to the UK in 2021 is likely to be at least 1.24 billion GB (about 1 per cent of the turnover), and the reality is likely to be higher.

As part of the action plan, the Government has indicated that it plans to work in harmony with agencies to implement the travel standards of financial actions, especially the Research Group, and to comply with the Economic Crime and Corporate clarity Act at the end of the fourth quarter of 2023. Other overall goals include improving communication between FCA and login password companies in the second quarter of 2024.

While the UK seems to be clarifying encryption in everything from administrative law enforcement to regulation, local taxpayers are facing their own reporting responsibilities. On March 15th, the Treasury released a report saying it would gradually change the self-rating table for encrypted assets from the 2024-25 natural year.

Magazines and periodicalsUs law enforcement agencies have increased penalties for crimes related to login passwords.