header-logo header-logo

Burn-and-remint: a new tool in cryptoasset recovery?

10 January 2025 / Ashley Fairbrother , Joe Nahal-Macdonald , Sarah Wood
Issue: 8099 / Categories: Features , Criminal , Crypto , Fraud , Technology
printer mail-detail
202615
Could a bold interpretation of the new powers contained in Part 5 of the Proceeds of Crime Act 2002 provide a silver bullet for law enforcement? Ashley Fairbrother, Joe Nahal-Macdonald & Sarah Wood set out the case
  • This article considers the new powers contained within Pt 5 of the Proceeds of Crime Act 2002, and whether UK law enforcement should harness the cryptocurrency Tether’s ‘burn-and-remint’ mechanism to help victims to recover stolen assets.
  • The authors consider that the criteria to be satisfied in order for these new powers to be used are met, and moreover that there is likely to be a willingness by both law enforcement and the courts to adopt a purposive interpretation to these powers.

With effect from 26 April 2024, the Economic Crime and Corporate Transparency Act 2023 introduced new powers into Pt 5 of the Proceeds of Crime Act 2002 (POCA 2002) providing for the seizure, detention, freezing and forfeiture of cryptoassets and related items. These

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

NLJ Career Profile: Kadie Bennett, Anthony Collins

NLJ Career Profile: Kadie Bennett, Anthony Collins

Kadie Bennett, senior associate at Anthony Collins and chair of the Resolution West Midlands Group, discusses her long-standing passion for family law and calls for unity in the profession

Osborne Clarke—Lara Burch

Osborne Clarke—Lara Burch

Firm appoints new UK senior partner for 2026

Keoghs—Louise Jackson & Katie Everson

Keoghs—Louise Jackson & Katie Everson

Healthcare and sports legal team expands in the north west

NEWS
Lawyers and users of the business and property courts are invited to share their views on disclosure, in particular the operation of PD 57AD and the use of Technology Assisted Review (TAR) and artificial intelligence (AI)
Social media giants should face tortious liability for the psychological harms their platforms inflict, argues Harry Lambert of Outer Temple Chambers in this week’s NLJ
Ian Gascoigne of LexisNexis dissects the uneasy balance between open justice and confidentiality in England’s civil courts, in this week's NLJ. From public hearings to super-injunctions, he identifies five tiers of privacy—from fully open proceedings to entirely secret ones—showing how a patchwork of exceptions has evolved without clear design
The Leasehold and Freehold Reform Act 2024—once heralded as a breakthrough—has instead plunged leaseholders into confusion, warns Shabnam Ali-Khan of Russell-Cooke in this week’s NLJ
The Employment Appeal Tribunal has now confirmed that offering a disabled employee a trial period in an alternative role can itself be a 'reasonable adjustment' under the Equality Act 2010: in this week's NLJ, Charles Pigott of Mills & Reeve analyses the evolving case law
back-to-top-scroll