Section 215ZA

This section applies to cryptoassets which— but only so far as the cryptoassets are free property. are held by a person, and are held in a crypto wallet administered by a UK-connected cryptoasset service provider, Subsection (3) applies if— a confiscation order is made against a person holding cryptoassets to which this section applies, and a receiver has not been appointed under section 198 in relation to the cryptoassets. A magistrates’ court may order the UK-connected cryptoasset service provider which administers the crypto wallet in which the cryptoassets are held— to realise the cryptoassets, or a portion of the cryptoassets having a specified value, to pay the proceeds of that realisation to the appropriate chief clerk on account of, and up to a maximum of, the amount payable under the confiscation order, and to the extent that the proceeds of the realisation exceed the amount payable under the confiscation order, to pay the excess to an appropriate officer identified in the order. In subsection (3)— “appropriate chief clerk” has the same meaning as in section 202(7); “appropriate officer” has the same meaning as in section 195A. A person applying for an order under subsection (3) must give notice of the application to the UK-connected cryptoasset service provider. Where the crypto wallet in which the cryptoassets are held is administered on behalf of someone other than the person against whom the confiscation order is made, a magistrates’ court— may make an order under subsection (3) only if the extent of the person’s interest in the money has been determined under section 160A, and must have regard to that determination in deciding what is the appropriate order to make. If a UK-connected cryptoasset service provider fails to comply with an order under subsection (3)— the magistrates’ court may order it to pay an amount not exceeding £5,000, and for the purposes of the Magistrates’ Courts (Northern Ireland) Order 1981 (S.I. 1981/1675 (N.I. 26)) the sum is to be treated as adjudged to be paid by a conviction of the court. In order to take account of changes in the value of money the Department of Justice in Northern Ireland may by order substitute another sum for the sum for the time being specified in subsection (7)(a). Where a UK-connected cryptoasset service provider— it does not fail to comply with the order solely because of that difference in value, provided that it took reasonable steps to obtain proceeds equal to the value specified. is required by an order under subsection (3) to realise a portion of cryptoassets having a specified value, but on realising cryptoassets under the order, obtains proceeds of an amount which differs from that value,

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Source: legislation.gov.uk · retrieved 2026-09-04