Release of detained converted cryptoassetsU.K.
[F110Z7DF(1)This paragraph applies while any converted cryptoassets are detained under paragraph 10Z7DD or 10Z7DE.
(2)The relevant court may, subject to sub-paragraph (7), direct the release of the whole or any part of the converted cryptoassets if the following condition is met.
(3)The condition is that, on an application by the relevant person, the court is not satisfied that there are reasonable grounds for suspecting that the converted cryptoassets to be released—
(a)are within subsection (1)(a) or (b) of section 1, or
(b)are property earmarked as terrorist property.
(4)In sub-paragraph (3) “the relevant person” means—
(a)in the case of converted cryptoassets detained under paragraph 10Z7DD, the person from whom the cryptoassets mentioned in sub-paragraph (1) of that paragraph were seized, and
(b)in the case of converted cryptoassets detained under paragraph 10Z7DE, any person affected by the crypto wallet freezing order mentioned in sub-paragraph (1) of that paragraph.
(5)A person within sub-paragraph (6) may, subject to sub-paragraph (7) and after notifying the magistrates’ court or sheriff under whose order converted cryptoassets are being detained, release the whole or any part of the converted cryptoassets if satisfied that the detention is no longer justified.
(6)The following persons are within this sub-paragraph—
(a)in relation to England and Wales or Northern Ireland, an authorised officer;
(b)in relation to Scotland, a procurator fiscal.
(7)Converted cryptoassets are not to be released under this paragraph (and so are to continue to be detained)—
(a)if an application for their forfeiture under paragraph 10Z7DG is made, until any proceedings in pursuance of the application (including any proceedings on appeal) are concluded;
(b)if (in the United Kingdom or elsewhere) proceedings are started against any person for an offence with which the converted cryptoassets are connected, until the proceedings are concluded.]
Textual Amendments
F1Sch. 1 Pts. 4BA-4BD inserted (26.10.2023 for specified purposes, 26.4.2024 in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), s. 219(1)(2)(b), Sch. 10 para. 2; S.I. 2024/269, reg. 4(c)