The UK Insolvency Service has appointed its first crypto intelligence specialist to help recover crypto from losses and criminal cases.
Andrew Small, a former police investigator with a background in economic crime, will lead efforts to monitor and recover crypto possessions that have not yet been reacted to those proceedings, According to In a statement of June 9 from the insolvency service.
This came as the number of cases of insolvency -related crypto in the UK rose 420% in the last five years, while the estimated amount of crypto assets identified in in -cases of insorso has increased by 364 times to 523,580 British pounds ($ 709,500) at the same time.
“There has been a rapid increase in crypto ownership in the UK, and next to it, we have seen a similar increase in cryptoasset ownership in cases of losses,” said Small, adding that the crypto is “very recovering.”
All from bitcoin to memecoins and nft will be sought to recover
Insolvency Service is the duty of monitoring and recovering money and property from individuals or companies in cases of insolvency, to return as much funds owed to creditors as much as possible.
Small said his duty would include specialist information about the types of cryptocurrencies available and the relevant technology used to buy, sell and store them.
Insolvency Service said it could include any from Bitcoin (Btc) and ether (Eth) to memecoins such as Dogecoin (Doge) and invisible artwork.
Related: The UK closes the ‘Trust Me Bro’ Crypto Firm which has given up a terrible advice to clients
Intelligence of Insolvency Service, Neil Freebury, expects a small appointment to enhance collaboration and strengthen outcomes for investigators working in cases of crypto asset ownership.
“His appointment will help our investigators deal with cases where cryptoasset ownership is a factor.”
Crypto ownership in the UK is rising
A study from The authority of UK financial conduct Last November was found that 12% of adults in the UK -owned crypto In 2024 – a significant increase from 4% reported in 2021.
They hold an average value of up to 1,842 British pounds ($ 2,496).
UK to require crypto companies to report each customer transaction
Increasing efforts to back back crypto from cases of losses came in the middle of a broader UK push to more strictly repair the crypto industry.
UK crypto companies need Collect and report data From each Customer trade And moving starting January 1, 2026, as part of a broader effort to improve crypto tax reporting, the UK’s income and Customs Department said last month.
All from the user Full Name, Home Address, And the tax identification number needs to be collected and reported for each transaction, including the used cryptocurrency and the value has moved.
The new rule is part of the UK integration of the Organization for Economic Development’s Cryptoasset Reporting Framework to improve transparency in Crypto tax reporting.
Magazine: Ai Cures Blindness, ‘Good’ Propaganda Bots, Openai Doomsday Bunker: Ai Eye
