Ulrich Schmidt assess the UK enforcement regime’s use of seized crypto-assets

Ulrich Schmidt has reviewed the recent case of R v Boys, Caton and Robinson and concluded that questions remain about whether the UK enforcement regime uses seized crypto-assets effectively.

In an article published by Solicitors Journal, he outlined criminals’ use of cryptocurrency and detailed the legislation relating to the seizure of crypto in criminal and civil proceedings.

He summarised the case of R v Boys and the confiscation order that was then made against the convicted defendants and explain why he believed that “the nature of the crypto market demands that law enforcement take a more nuanced and speedy approach to maintain the value of the asset or indeed extract additional value from the asset over the course of a criminal investigation, trial and subsequent confiscation proceedings.’’

Ulrich concluded by saying that he does not believe the amended Proceeds of Crime Act legislation goes far enough to safeguard value and/or increase the value of seized crypto-assets in lengthy and complex criminal investigations. 

The full article can be read here.

Featured at: Solicitors Journal