The United Kingdom’s insolvency service, responsible for returning assets to creditors in cases of bankruptcy, said he appointed his first cryptographic intelligence specialist to help track cryptocurrencies as digital assets are generalized.
Former police researcher Andrew Small will assume the role in the government agency and will focus mainly on criminal cases, the service said.
In the last five years, the number of cases that have identified cryptography as an asset that liquidators can recover 420% to 59. The estimated value of the cryptography involved increased 364 times to approximately 520,000 pounds ($ 700,000), in the same period of time.
“Crypto is largely a recoverable asset, and my role will help the agency to provide specialized knowledge about the types of available cryptocurrencies and the associated technology used to buy, sell them and store them,” Small said in the statement.
The United Kingdom has been reinforcing its cryptographic framework as digital assets have shot in popularity. The investigation carried out by the Financial Behavior Authority showed that the number of residents who have cryptographic increased to 7 million in 2024 of 2.2 million in 2021. The country has been publishing legislation and consultations for a cryptographic regime.
