UK’s NCUU crypto cell launched to tackle crypto crime

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

New technologies are usually a hotspot for criminals looking to exploit loopholes and fulfill their malicious purposes. In 2022, the crypto industry will see hacks worth over $3 billion. Therefore, crypto assets, being a relatively new asset class, need to work with proper regulations and specialized units to fight crime in this sector.

Britain’s National Crime Agency has launched “NCCU Crypto Cell,” a specialized unit dealing with crimes related to cryptocurrency.

crypto crime in uk

UK National Crime Agency annual report Between April 1, 2021 and March 31, 2022, it said criminals increasingly exploited financial technology and crypto assets for money laundering, causing damage to the UK economy and institutions.

As per the report, the agency seized cryptocurrencies worth £26.89 million (about $32.4 million) till March 31, 2022.

UK National Crime Agency annual report
source: UK National Crime Agency annual report

UK’s National Crime Agency seeks crypto expert to fight criminals

The crypto industry needs expertise to track the cash flow and behavior of criminals. Due to this, there may be a need to better equip the cyber branch with the knowledge required to understand the complexities of crimes committed using blockchain.

That’s why the agency opened work For its crypto sale for experts with “expert cryptocurrency experience”. The agency will offer Specialists a salary in the range of £40,209 – £43,705.

Steps Toward 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 minister, Tweeted“We are working to make the UK a global crypto asset hub.”

Edinburgh Reformation It was announced in December that the government aims to “establish a secure regulatory environment for stablecoins – which can be used for payments.” In order to regulate not only stablecoins, the government is planning to bring “a wide range of investment-related crypto asset activities under regulation”.

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