The United Kingdom’s insolvency service, responsible for returning assets to creditors in bankruptcy, said that he had appointed his first cryptographic intelligence specialist to help trace cryptocurrencies as digital assets became more widespread.
Former police investigator Andrew Small will play the role of the government agency and mainly focus on criminal cases, the service said.
In the past five years, the number of cases that have identified the crypto as an asset which can be recovered by liquidators has increased by 420% to 59. The estimated value of the involved crypto increased by around 520,000 pounds ($ 700,000), in the same period of time.
“The crypto is a recoverable asset, and my role will help the agency by providing specialized knowledge on the types of available cryptoassets and the associated technology used to buy and store them,” Small said in the press release.
The United Kingdom has strengthened its crypto frame when digital assets have climbed into popularity. Research from the Financial Conduct Authority has shown that the number of residents with cryptography increased to 7 million in 2024, against 2.2 million in 2021. The country has published a bill and consultations for a cryptographic regime.
