UK’s NCUU Crypto Cell Launched to Tackle Crypto Crime

Early Bitcoin Developer Luke Dashjr Loses $3.6M in BTC Due to Supposed Key Hack

The UK National Crime Agency arms against crypto crimes. The agency is looking to hire a cryptocurrency expert for its crypto unit.

New technologies are generally hotspots for criminals to exploit loopholes and fulfill their malicious purposes. In 2022, the crypto industry witnessed hacks worth over $3 billion. Hence, crypto assets being a relatively new asset class needs to gear up with proper regulations and specialized units to fight crime in the sector.

The UK national crime agency has launched “NCCU Crypto Cell,” a specialized unit dealing with cryptocurrency-related crimes.

Crypto Crimes in the UK

The UK National Crime Agency’s annual report between April 1, 2021, to Mar. 31, 2022, states that criminals increasingly exploited financial technology and crypto assets for money laundering causing harm to the UK’s economy and institutions.

According to the report, the agency seized cryptocurrencies worth £26.89 million (approximately $32.4 million) by Mar. 31, 2022. 

Source: UK National Crime Agency annual report

UK National Crime Agency Looks for Crypto Expert to Fight Criminals

The crypto industry needs specialization to track criminals’ cashflows and behavior. Due to this, the cyber branch may need to be better equipped with the knowledge required to understand the complexities of crimes committed using blockchain.

Hence, the agency has opened a job for experts with a “specialist cryptocurrency experience” for its Crypto Cell. The agency will provide the expert with a salary in the range of £40,209 – £43,705.

The Steps Towards Crypto Regulation

Under Prime Minister Rishi Sunak, the UK government seems dedicated to regulating cryptocurrencies based on recent developments. In April, the PM, who was then serving as Finance Minster, tweeted, “We’re working to make the UK a global cryptoassets hub.”

The Edinburgh reforms announced in December mentioned that the government aims to “establish a safe regulatory environment for stablecoins – which may be used for payments.” Not just regulating stablecoins, the government plans to bring a “broader range of investment-related crypto assets activities into regulation.”

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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.



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