[F1303Z59Release of detained converted cryptoassetsU.K.
(1)This section applies while any converted cryptoassets are detained under section 303Z57 or 303Z58.
(2)The relevant court may 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 recoverable property, or
(b)are intended by any person for use in unlawful conduct.
(4)In subsection (3) “the relevant person” means—
(a)in the case of converted cryptoassets detained under section 303Z57, the person from whom the cryptoassets mentioned in subsection (1) of that section were seized, and
(b)in the case of converted cryptoassets detained under section 303Z58, any person affected by the crypto wallet freezing order mentioned in subsection (1) of that section.
(5)A person within subsection (6) may, 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 subsection—
(a)in relation to England and Wales or Northern Ireland, an enforcement officer;
(b)in relation to Scotland—
(i)the Scottish Ministers,
(ii)an officer of Revenue and Customs,
(iii)a constable, and
(iv)a procurator fiscal.]
Textual Amendments
F1Pt. 5 Chs. 3C-3F inserted (26.10.2023 for specified purposes, 26.4.2024 for S. for specified purposes, 26.4.2024 for E.W.N.I. in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), s. 219(1)(2)(b)(c), Sch. 9 para. 1; S.I. 2024/269, reg. 4(b)(i)(ii)