According to UK’s civil service job posting, the United Kingdom’s National Crime Agency (NCA) plans to form a team specialized in cryptocurrency and virtual assets to tackle issues related to crypto crimes. The team’s officials will primarily focus on investigating unethical practices within the crypto industry.

As per the job advertisement on the UK government website, the “cryptocurrency investigators” will “provide strategic and tactical advice” for any crypto industry-related investigation, and they must have “strong experience” in conducting forensic blockchain investigations on organized or serious crimes.  The website stated that the specialized cell “will be dedicated to a proactive cryptocurrency remit with the right tools and capabilities to target UK-based subjects.”

In recent years, the UK has experienced a total loss of $3 billion in crypto hacks and scams, due to which a crypto crime cell is established. The UK financial market has been significantly impacted by such hacks and crimes.

According to a news report, the UK’s crime cell will initiate its workings with five officers. Moreover, in the last year, the National Police Chiefs’ Council has stationed “crypto tactical advisers” in police departments in the country.

The country also gave power to local authorities to seize, freeze and ban crypto for unlawful or terrorist activities last year in November.

Despite seeing multiple collapses and the significantly falling value of cryptocurrencies such as Bitcoin and Ether, crypto crimes are rising.

According to Financial Conduct Authority (FCA) investigations and finding, crypto scams, and frauds have remained a major contributor to the country’s financial crimes. Almost 432 scams have been reported and scrutinized so far.

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