Inside Crypto: New UK Law Gives Police Powers to Seize Crypto

Cryptocurrency

A new bill granting law enforcement increased powers to seize, freeze and recover crypto assets has been introduced in parliament.

The Economic Crime and Corporate Transparency Bill targets those engaged in criminal activities such as money laundering, drugs and cybercrime, with crypto being a key enabler.

The Home Office, Department for Business, Energy & Industrial Strategy, Serious Fraud Office, HM Treasury, Ministry of Justice and Companies House contributed to the 250-page document which received first reading in the House of towns on Thursday.

Building on the Economic Crimes (Transparency and Enforcement) Act, which helped regulators impose sanctions on Russia and freeze assets in the country, the bill is set to pass its second reading on October 13.

“Domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing UK corporate structures and increasingly using cryptocurrencies,” said Graeme Biggar, chief executive of the National Crime Agency. , in the press release.

“These reforms – long overdue and very welcome – will help us to quell both.”

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Automated Crypto Trading Platform 3Commas Raises $37 Million

3Commas, an automated crypto trading investment platform, raised $37 million in a Series B funding round.

The startup offers advanced trading tools and automated strategies powered by trading robots which it claims have been proven to help users make profits in all market conditions.

The round was led by Target Global, Alameda Research, Jump Capital and Dmitry Tokarev, Founder and CEO of Copper.

3Commas says the capital will be used to advance its machine learning and artificial intelligence trading robots to deliver higher profitability, expand its trading ecosystem and improve developer access to APIs to create applications used by 3Commas merchants within the ecosystem.

Additionally, 3Commas used this investment to hire a strong research and development team to create DeCommas, a recently launched subsidiary that provides users with easier access to trade automation in decentralized finance.

“3Commas was created with the goal of helping people achieve financial freedom by expanding access to complex crypto trading strategies through powerful trading robots,” said Yuriy Sorokin, CEO and Founder of 3Commas.

“Through this fundraising, our investors have shown overwhelming confidence in realizing this vision.

“We are excited to continue to develop technology that democratizes access to the transformational benefits of crypto by relentlessly advancing our technology and offering a suite of developer tools to make 3Commas the destination for innovation in investment apps.

Cryptocurrency Shorts

The apex bank and the Russian Ministry of Finance have reached an agreement allowing the use of cryptocurrency for international payments. It is expected that Russians will have access to digital wallets.

Web3 bug bounty and security services platform Immunefi has raised $24 million in Series A funding led by Framework Ventures with participation from Electric Capital, Polygon Ventures, Samsung Next and P2P Capital.

NFT and metaverse investor Animoca Brands have named Jared Shaw, chief financial officer of cryptocurrency exchange Gemini, as their new chief financial officer.

Liverpool FC have extended their partnership with fantasy football gaming platform Sorare. Initially used to launch players’ digital trading cards, they will collaborate on other media content for fans and “one-of-a-kind experiences”.

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Crypto prices

The aggregate market cap of the 21,000+ coins is $952 billion at the time of writing (7am UK), an increase of 4.8% in the last 24 hours.

For summaries of recent developments in cryptocurrency news, click here.

For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price changes, see below.