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

Clarke Willmott—Declan Goodwin & Elinor Owen

Clarke Willmott—Declan Goodwin & Elinor Owen

Corporate and commercial teams in Cardiff boosted by dual partner hire

Hill Dickinson—Joz Coetzer & Marc Naidoo

Hill Dickinson—Joz Coetzer & Marc Naidoo

London hires to lead UK launch of international finance team

Switalskis—11 promotions

Switalskis—11 promotions

Firm marks start of year with firmwide promotions round

NEWS
Regulators differed in the clarity and consistency of their post-Mazur advice and guidance, according to an interim report by the Legal Services Board (LSB)
The next generation is inheriting more than assets—it is inheriting complexity. Writing in NLJ this week, experts from Penningtons Manches Cooper chart how global mobility, blended families and evolving values are reshaping private wealth advice
Artificial intelligence (AI) is rapidly transforming sport, from recruitment and training to officiating and fan engagement. Writing in NLJ this week, Professor Dr Ian Blackshaw of Valloni Attorneys at Law explains how AI now influences everything from injury prevention to tactical decisions, with clubs using tools such as ‘TacticAI’ to gain competitive edges
The Solicitors Act 1974 may still underpin legal regulation, but its age is increasingly showing. Writing in NLJ this week, Victoria Morrison-Hughes of the Association of Costs Lawyers argues that the Act is ‘out of step with modern consumer law’ and actively deters fairness
A Competition Appeal Tribunal (CAT) ruling has reopened debate on the availability of ‘user damages’ in competition claims. Writing in NLJ this week, Edward Nyman of Hausfeld explains how the CAT allowed Dr Liza Lovdahl Gormsen’s alternative damages case against Meta to proceed, rejecting arguments that such damages are barred in competition law
back-to-top-scroll