The UK is taking measures to improve the investigation systems around crypto-related crimes. This week, the UK government appointed Andrew Small as the first crypto specialist in the Insolvency Service, which is responsible for the recovery and tracing of assets linked to bankrupt individuals or liquidated companies. Prior to this, Andrew Small was a police investigator who, upon his new appointment, highlighted that in recent times crypto-related bankruptcy cases have become more common and need immediate attention.
In the past five years, the UK government stated that the number of insolvency cases involving crypto as a recoverable asset have seen an increase of 420 percent. Between 2019 and 2020, the UK saw 14 such cases whereas between 2024 and 2025, the number of cases rose to 59.
Small, in his statement, claimed that crypto assets are “very much recoverable” and that in his new role he will assist the Insolvency Service in using crypto-related technologies to conduct relevant investigations.
“The Insolvency Service has a duty to trace and recover money and assets from individuals or companies in insolvency cases, and we work to return as much money owed to creditors as possible,” he noted.
At present, the crypto sector is partially regulated in the UK. While crypto advertisements are regulated in the country, the government has also recently updated some of the business reporting rules that need to be adhered by crypto exchanges. The country aims to finalise a more comprehensive crypto regulatory framework by 2026.
With the gradual introduction of crypto related guidelines, these digital assets have “sored in popularity” in the UK. In 2024, the Financial Conduct Authority (FCA) reported that seven million UK-based adults — making for 12 percent of its total populations — owned crypto assets. In 2021, 3.2 million adults were found to have crypto holdings. Driven by increasing domestic interest in cryptocurrency, the UK government plans to intensify its monitoring of crypto usage to detect unlawful financial activities.
“Crypto is growing in popularity. Andrew brings a wealth of knowledge to this role, along with his previous experience as an economic crime investigator within the police, and his appointment will help our investigators dealing with cases where crypto asset ownership is a factor,” said Neil Freebury, the head of intelligence at the Insolvency Service as commenting on Small’s appointment to the agency.
Now that the country is inching closer to finalising its crypto rules, the Bank of England (BoE) is also increasing oversight on crypto-linked activities. In December last year, the BoE directed UK-based corporates to disclose their respective crypto exposure statuses.
In the meantime, firms like Coinbase, BitPanda, Mastercard, and Kraken have expanded their crypto-related work in the US.
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