Britain’s Insolvency Service, responsible for returning assets to creditors in bankruptcy cases, said it appointed its first crypto intelligence specialist to help track cryptocurrencies as digital assets become more widespread.
Former police investigator Andrew Small will take on the role of the government agency and will focus primarily on criminal cases, says the service.
In the last five years, the number of cases that have identified crypto increased as an asset that can be recovered by liquidators by 420% to 59. The estimated value of crypto involved increased by 364 times to approx. 520,000 pounds ($ 700,000), in the same timeframe.
“Crypto is largely a recoverable asset, and my role will help the agency by providing special knowledge of the types of cryptoassets available and the associated technology used to buy, sell and store them,” Small said in the statement.
The United Kingdom has increased its crypto framework as digital assets have risen in popularity. Research from Financial Conduct Authority showed that the number of residents who had crypto rose to 7 million by 2024 from 2.2 million in 2021. The country has released draft legislation and consultations for a crypto regime.
