News

UK Introduces New Anti-Crypto Fraud Strategy

Key Points:

  • To combat fraud, the UK is planning to prohibit cold calls from selling financial products.
  • The UK government unveiled its new fraud strategy, promising 400 new jobs as part of an effort to modernize its approach to intelligence-led enforcement.
  • The government has also attempted to crack down on cryptocurrency firms operating in the area.
The UK is planning to prohibit cold calls selling financial items such as insurance and cryptocurrency to combat fraud, which costs the nation some $8.7 billion each year.
UK Introduces New Anti-Crypto Fraud Strategy 2

The United Kingdom launched a new fraud strategy, promising 400 new positions to modernize its approach to intelligence-led enforcement. The government will collaborate with the telecommunications regulator, the Office of Communications, or Ofcom, to employ new technology to combat phone number spoofing, which will prevent fraudsters from imitating authentic UK phone numbers.

Fraud is currently the most frequent crime in the UK, affecting one out of every fifteen individuals. By compelling financial institutions to compensate victims of sanctioned fraud, the government hopes to pass legislation that guarantees more victims of fraud get their money back.

The government also promised to prohibit fraudsters from using tactics like SIM farms to contact thousands of people at once and to evaluate the usage of mass-texting services to keep these technologies out of the hands of criminals.

According to a study released on January 29 by the Bureau of Investigative Journalism and the Observer, organized crime syndicates are using the United Kingdom as their operating headquarters due to the region’s lenient legislation.

A company may be registered in the United Kingdom for as low as 12 British pounds. It does not need any sort of identity, making it simple for fake businesses to register and obtain bogus legitimacy.

The government of the United Kingdom has been attempting to crack down on cryptocurrency firms operating in the area. The Financial Conduct Authority (FCA) of the United Kingdom (UK) has ordered that all entities engaging in crypto asset activity register with it in accordance with the current Financial Services and Markets Act provisions for the digital assets market.

The regulatory issues influencing cryptocurrencies are picking up speed. Includes the European Union, where MiCA was approved, and the United Kingdom.

In reality, even before leaving the EU, the UK has begun to regulate cryptocurrency. The FCA issued important recommendations in 2019. It underlined that, based on their qualities and intended purpose, cryptocurrencies might be classed as security tokens, e-money tokens, or unregulated tokens.

The FCA, on the other hand, has taken a stringent approach to giving permits, resulting in a number of crypto-related enterprises functioning as unregistered organizations. The regulator seems to be attempting to strike a compromise between ensuring a safe environment for investors and encouraging sector innovation.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

2 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

4 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

5 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

8 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

11 hours ago

This website uses cookies.