UK Insolvency Service Appoints First Crypto Intelligence Specialist
The U.K. Insolvency Service has appointed Andrew Small as its first crypto intelligence specialist to trace cryptocurrencies for asset recovery in bankruptcy cases.
Key points include:
- Small will focus on criminal cases involving digital assets.
- Cases identifying crypto as recoverable assets increased by 420% over five years, reaching 59 cases.
- The estimated value of these crypto assets rose by 364 times to about £520,000 ($700,000).
- Small emphasized the recoverability of crypto assets and his role in providing expertise.
- Research shows the number of U.K. residents holding crypto rose from 2.2 million in 2021 to 7 million in 2024.
- The U.K. government is developing a regulatory framework for cryptocurrencies.