Part 5

Civil recovery of the proceeds etc. of unlawful conduct
CHAPTER 3F

Conversion of cryptoassets

Conversion

Detained cryptoassets: conversion
303Z54
1
Subsection
(2)
applies while any cryptoassets are detained in pursuance of an order under section
303Z30
or
303Z32
(including where cryptoassets are subject to forfeiture proceedings).
2
A person within subsection
(3)
may apply to the relevant court for an order requiring all of the cryptoassets detained pursuant to the order to be converted into money.
3
The following persons are within this subsection—
a
an enforcement officer;
b
a person from whom the cryptoassets were seized.
4
In deciding whether to make an order under this section, the court must have regard to whether the cryptoassets (as a whole) are likely to suffer a significant loss in value during the period before they are released or forfeited (including the period during which an appeal against an order for forfeiture may be made).
5
Before making an order under this section the court must give an opportunity to be heard to—
a
the parties to the proceedings, and
b
any other person who may be affected by its decision.
6
As soon as practicable after an order is made under this section, an enforcement officer must convert the cryptoassets, or arrange for the cryptoassets to be converted, into money.
7
The conversion of cryptoassets under subsection
(6)
must be carried out, so far as practicable, in the manner best calculated to maximise the amount of money obtained for the cryptoassets.
8
At the first opportunity after the cryptoassets are converted, the enforcement officer must arrange for the amount of money obtained for the cryptoassets to be paid into an interest-bearing account and held there.
9
Interest accruing on the amount is to be added to it on its forfeiture or release.
10
Where cryptoassets are converted into money in accordance with an order made under this section—
a
the cryptoassets are no longer to be treated as being detained in pursuance of an order under section
303Z30
or
303Z32
, and
b
any application made under section
303Z41
(2)
in relation to the cryptoassets which has not yet been determined or otherwise disposed of (including under section
303Z44
or
303Z45
) is to be treated as if it were an application made under section
303Z60
(2)
in relation to the converted cryptoassets.
11
An order made under this section must provide for notice to be given to persons affected by the order.
12
No appeal may be made against an order made under this section.
Pt. 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, 7.11.2024 for S. 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); S.I. 2024/1108, reg. 2