UK Authorities Continue Crackdown On Cryptocurrencies

The UK government has announced new crypto measures to combat incessant fraudulent activities taking place within the sector. 

New Policies Regarding Judgments On Crypto-Related Cases

Sir Geoffrey Vos, who heads England and Wales’ court system revealed that the civil justice council (CJC) is making moves to upgrade its policies so that courts can easily track cryptos and pass judgments quicker on crypto-related fraud cases. Vos made the revelation during a speech he gave at a recent legal conference held in London.

The CJC is the highest ruling body for civil courts across all British territories. Part of the new policies would authorize courts to demand from crypto exchanges the details of anyone and any firm related to a crypto fraud case being discussed in court.

Furthermore, the new policies would also enable judgments on any crypto-related cases to be made outside the jurisdiction the fraudulent act took place. Vos claimed that this jurisdiction issue is “one of the greatest challenges which have prevented many court proceedings that required tracking of crypto transactions from taking place or in some cases, delayed the pronouncement of judgments.”

A Pivotal Stage In Its Development

Vos further explained that “this blockchain technology has reached a pivotal stage of development akin to the developmental stage of the internet nearly thirty decades ago. The same nothing and nobody could stop the growth of the internet in 1995 is the same no one and nobody can stop the growth of the blockchain industry right now.”

He further said, “blockchain tech is gradually becoming an indispensable part of all industries, especially the industrial and financial industries. One reason for its indispensability is that it prevents the modification of recorded data which prevents tampering of records of commercial and consumer transactions. Thus, preventing any argument regarding details of all previous transactions.” 

Rising Number Of Crypto-Related Fraud Cases

Many crypto players have persistently called upon the UK government to make moves to prevent the rising number of crypto-related fraud cases recorded in the country daily. While UK’s crypto industry remains largely unregulated, it is bold that the authorities are taking steps to address fraud issues in the industry. Three weeks ago, UK’s treasury department revealed that it would soon update its advert policies to prevent many crypto-related adverts which are misinforming the public. 

This move became necessary following a series of crypto adverts claiming to provide seemingly ‘unrealistic’ returns for investors. The crypto industry continues to grow at an unassailable pace with recent stats by the FCA claiming that there have been additional 400k investors entering the industry over the past 23 months. The stats also stated that nearly 2.5m UK adults now hold digital assets.

However, the rising popularity of this asset class has also attracted many criminals, with some of them hacking accounts of crypto holders. While many of these criminals use cryptos for various illegal purposes, UK’s top financial watchdog (the FCA) keeps partnering with crypto-security expert firms such as Chainalysis to reduce and eventually, eliminate crypto frauds and recover stolen crypto assets.

Leave a Comment