Part 5

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

Conversion of cryptoassets

Conversion

Conversion: existing forfeiture proceedings
303Z56
1
Where—
a
cryptoassets are forfeited under section
303Z41
or
303Z45
, and
b
before the cryptoassets are realised or destroyed in accordance with section
303Z48
, an order is made under section
303Z54
requiring the cryptoassets to be converted into money,
section
303Z62
(1)
applies in relation to the converted cryptoassets as if they had been detained under section
303Z57
and forfeited under section
303Z60
(and accordingly section
303Z48
ceases to apply).
2
Where—
a
cryptoassets are forfeited under section
303Z41
or
303Z45
, and
b
before the cryptoassets are realised or destroyed in accordance with section
303Z48
, an order is made under section
303Z55
requiring the cryptoassets to be converted into money,
section
303Z62
(2)
applies in relation to the converted cryptoassets as if they had been detained under section
303Z58
and forfeited under section
303Z60
(and accordingly section
303Z48
ceases to apply).
3
Where—
a
an appeal may be made under section
303Z47
(1)
or
(2)
in relation to the determination of an application under section
303Z41
(2)
for the forfeiture of cryptoassets (including where section
303Z44
or
303Z45
applies), and
b
an order is made under section
303Z54
or
303Z55
requiring the cryptoassets to be converted into money,
the appeal may instead be made under section
303Z61
(within the time allowed by section
303Z47
(4)
) as if it were an appeal against the determination of an application under section
303Z60
.
4
Where—
a
an appeal is made under section
303Z47
(1)
or
(2)
in relation to the determination of an application under section
303Z41
(2)
for the forfeiture of cryptoassets (including where section
303Z44
or
303Z45
applies), and
b
before the appeal is determined or otherwise disposed of, an order is made under section
303Z54
or
303Z55
requiring the cryptoassets to be converted into money,
the appeal is to be treated as if it had been made under section
303Z61
(1)
in relation to the determination of an application under section
303Z60
for the forfeiture of the converted cryptoassets.
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