{
  "url": "https://openlegislation.uk/magistrates-courts-conversion-of-cryptoassets-rules-2024/note",
  "json_url": "https://openlegislation.uk/magistrates-courts-conversion-of-cryptoassets-rules-2024/note.json",
  "legislation": "uksi/2024/1040",
  "legislation_title": "The Magistrates’ Courts (Conversion of Cryptoassets) Rules 2024",
  "legislation_url": "https://openlegislation.uk/magistrates-courts-conversion-of-cryptoassets-rules-2024",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Rules)\nThese Rules prescribe the procedure to be followed for applications to a magistrates’ court for orders under Chapter 3F of Part 5 of the Proceeds of Crime Act 2002 (c. 29) (“POCA”).\nThis Chapter was inserted by Schedule 9 to the Economic Crime and Corporate Transparency Act 2023 (c. 56) and makes provision for the conversion of cryptoassets into money and for the detention, freezing and forfeiture of converted cryptoassets. Prior to their conversion, these cryptoassets will have been detained or frozen on the basis that there are reasonable grounds to suspect that they are either recoverable property or intended for use in unlawful conduct. “Cryptoassets” are defined by section 303Z21(2) of POCA.\nThe Rules provide the relevant procedure for:\napplications for the conversion of detained cryptoassets (see section 303Z54 of POCA);\napplications to convert frozen cryptoassets into money (see section 303Z55 of POCA);\napplications for further detention of detained converted cryptoassets (see section 303Z57 of POCA);\napplications for further detention of frozen converted cryptoassets (see section 303Z58 of POCA);\napplications for release of detained converted cryptoassets (see section 303Z59 of POCA);\napplications for forfeiture of detained converted cryptoassets (see section 303Z60 of POCA);\napplications for compensation (see section 303Z60 of POCA).\nIn addition, these Rules make provision for the manner in which documents are to be given in proceedings under Chapter 3F of POCA, and for the procedure at hearings.\nA full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sectors is foreseen.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2024/1040/note",
    "retrieved_at": "2026-10-28T21:25:37.430082+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}