United Kingdom Looks to Impose Tracking Rules to Battle Cryptocurrency Fraud

United Kingdom Looks to Impose Tracking Rules to Battle Cryptocurrency Fraud

UK’s government authorities will be increasing their efforts to identify criminal activities related to digital assets.

With several cases of crypto fraud uncovered by the law enforcement agencies in the United Kingdom over the past weeks, the government will seemingly be looking to impose new policies to track criminal activities in the digital asset market.

According to a report by City A.M., UK’s government is pursuing laws that would let legal courts obtain classified information from users of crypto exchanges who are proven to be related to criminal activities.

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Britain’s Senior Judge Sir Geoffrey Vos spoke at a conference, stating that the plans to impose new laws to track crypto assets and transactions are already in motion, with additional policies like case proceedings outside the jurisdiction of the United Kingdom still in discussion. He added:

"It will become ubiquitous in all major industrial and financial sectors, simply because it allows for the immutable recording of data, thereby reducing friction in commercial and consumer transactions…"

Judge Vos stated that the blockchain industry is currently "at a stage in its development equivalent to where the internet was in or around 1995", and is plainly "unstoppable." With the new laws, the government of the UK seeks to put a leash on crypto service providers in order to avoid further fraud cases.

Just last week, it was reported that the Greater Manchester Police seized over $22 million worth of Ethereum, with $5M of the funds already reimbursed to the victims.

In mid-February, the UK’s Tax Authority solved a VAT fraud case, retrieving $1.9M worth of NFTs, and about $7K in crypto.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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