The Metropolitan Police and the National Crime Agency (NCA) in the UK are intensifying their focus on crypto-related crime, mirroring the rising concern globally.
The Met, the UK’s largest police force, has been steadily strengthening its anti-crypto crime efforts. It began recruiting a crypto investigation team last December, which now boasts about 40 staff members.
UK Authorities Suggest Crypto Crime Is an Endemic
In parallel, the NCA has opened senior roles for crypto investigators, indicating a strategic alignment with the UK’s effort to better regulate the cryptocurrency market.
Detective Inspector Geoff Donoghue of the Met’s crypto investigation team told the Financial Times:
“Cryptocurrencies give a new dimension to the settlement of value transfer… everywhere that we have looked, we have found [crypto]. The evidence is suggesting an endemic role of cryptocurrency in organized crime.”
Despite the surge in crypto-related crimes, including organized crime and fraud, the UK continues to witness significant growth in the cryptocurrency industry.
The government has expressed ambitions to position London as a hub for digital assets. Because of this, it has mulled stricter regulations for the cryptocurrency market, akin to traditional financial assets.
“Crypto was once considered a niche within criminal enterprises, but there has been growing evidence that is no longer the case,” Donoghue added.
“Drugs, guns, girls and workers… there has been growing evidence that there has been the emerging use of crypto within those fields as well.”
Beefing Up Crypto Crime Investigation Teams
The NCA has also taken proactive steps. It has opened positions such as the Digital Assets Disclosure Officer and Digital Assets Cryptocurrency Financial Investigations Manager. These roles are part of the newly formed Digital Assets Team (DAT). The team will focus on complex investigations involving cryptocurrency and digital assets.
The UK’s heightened focus on crypto crime comes amid a global crackdown on the misuse of digital currencies. The government’s ambition to unveil London as a hub for crypto assets has clashed with the Financial Conduct Authority’s new standards for the promotion of crypto products, which are among the toughest globally.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Despite the challenges, the cryptocurrency industry in the UK experienced exponential growth. A report from 2021 revealed a 450% increase, outpacing countries like the US and Japan.
This growth, coupled with the government’s ambition to make the UK a global crypto hub, underscores the importance of a balanced approach in regulating the sector, ensuring that it continues to thrive while curtailing its misuse.
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