The UK’s key crime-fighting agency is launching a specialized unit to tackle crypto scams in the country, according to a job advert published on the government’s website. The establishment of the “Crypto Cell” comes after hackers stole $3 billion in crypto funds in 2022.
UK Setting up a Crypto Cell to Tackle Crypto Scams
The United Kingdom’s National Crime Agency (NCA) is setting up a new unit to fight crypto criminals, according to a job listing published on the government’s website. The launch of the so-called “Crypto Cell” comes in the wake of a strong surge in frauds and scams in the burgeoning crypto sector, with $3 billion stolen solely in 2022.
“The NCCU Crypto Cell will be dedicated to a proactive cryptocurrency remit with the right tools and capabilities to target UK based subjects along with supporting colleagues with specialist advice and guidance. “
Among other roles, the Crypto Cell is looking for a cryptocurrency investigator who will play an essential part in a new project to establish a specialized crypto and digital assets team. According to the job advert, this role will partake in existing and new investigations where expert crypto experience is needed alongside “taking a proactive lead in identifying targets for further development.”
Crypto Dominates Financial Scam Alerts in the UK by a Long Chalk
According to Financial News, the newly formed Crypto Cell is looking to hire five specialists dedicated to a “proactive” crypto remit. The move comes as UK regulators place greater emphasis on virtual assets, which have seen a record number of hacks in 2022.
A recent report by the UK regulator Financial Conduct Authority (FCA) found that crypto was the leading sector for financial fraud alerts in the country from March 2021 to April 2022. The watchdog opened 432 investigations related to crypto scams during that spell. The FCA reported 8,568 suspected crypto scams from April 1, 2021, to March 31, 2022, marking a 36% year-over-year increase.
The sharp surge in the number of crypto hacks prompted other global regulators to take action, such as the central bank of Singapore, one of the most crypto-friendly countries in the world. Similarly, the White House disclosed its first-ever framework to regulate crypto and reduce the number of scams in the rapidly-growing industry.
On the other hand, the UK could become a more crypto-friendly tech hub following the appointment of new Prime Minister Rishi Sunak, who succeeded the controversial Leader of the Conservative Party Liz Truss. Sunak, who previously served as the UK’s chancellor, unveiled plans to regulate stablecoins and launch a non-fungible token (NFT) to attract more crypto investors.
This article originally appeared on The Tokenist
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