The UK Financial Supervisory Authority (FCA) announced plans to develop new laws that will be aimed at monitoring the process of combating criminals using cryptocurrencies as a means for asset exchange. Specialists at Pinsent Masons Law Firm noted that over the current year alone, the number of relevant precedents increased by 74%.
A company specialist, David Heffron, noted that more than 40% of incidents involving the use of cryptocurrency for criminal purposes were disclosed, which indicates good momentum. They began to pay special attention to the use of digital assets on exchanges, where each transaction is checked for compromised addresses.
“The rise in investigations reflects the FCA’s increasingly hand on and no-nonsense approach to enforcing the law in the cryptocurrency market. For cryptocurrency businesses acting lawfully these statistics will be encouraging – they want bad actors pushed out. The FCA’s crackdown on businesses operating on its regulatory perimeter will instil a degree of confidence that products reaching consumers are less likely to be scams.” - he said.
According to Heffron, criminals use cryptocurrencies because of anonymity, as law enforcement agencies cannot gain access to information about transfers. At the moment, the police are working on new schemes that allow you to calculate criminals using various techniques. After new schemes of occurrence, the number of shadow operations decreased by about 20%.