delete The Economic Crime and Corporate Transparency Act 2023 (Commencement No. 3) Regulations 2024
Commencement order bringing into force section 180 and Schedule 9 of the Economic Crime and Corporate Transparency Act 2023 (cryptoassets: civil recovery) on 7th November 2024. Extends to England and Wales, Scotland and Northern Ireland.
Commencement regulations that activate civil recovery powers for cryptoassets without requiring criminal conviction create perverse incentives for enforcement agencies, chill legitimate cryptoasset activity through regulatory uncertainty, and establish a precedent for seizure of property based on mere suspicion rather than proven wrongdoing. Deleting this commencement order would pause the expansion of these controversial powers pending genuine parliamentary scrutiny of their civil liberties implications.