The National Crime Agency (NCA) of the United Kingdom is planning to expand its team focused on investigating cryptocurrency fraud. This initiative is part of a broader strategy to combat the rise of financial crimes.
As part of the new initiative, the agency will add four more senior detectives to its financial crime unit, where they will work on cases involving all types of blockchain-based fraud and corruption.
The application deadline is August 21, 2023, and the Complex Financial Crime Team (CFCT) will hire a new Digital Asset Disclosure Officer across several countries.
As it looks into high-profile fraud and money-laundering crimes committed by organised criminals, the team will collaborate with a special surveillance unit and the police force.
“It involves investigations into high-end, high-harm cryptocurrency and virtual asset fraud and money laundering offences committed by significant organised crime groups and state actors,” the statement reads.
The newly formed Digital Assets Team (DAT), which is tasked with looking into offences involving virtual assets under the Criminal Procedure and Investigations Act 1996 (CPIA), is in charge of the team’s duties and responsibilities.
The Agency also revealed two new positions, the Cryptocurrency Financial Investigations Manager and the Senior Investigator for Digital Assets, both of which were designed to safeguard users and the general public.
Reports state that the planned compensation is between 34,673 and 38,314 pounds, or $44,145 and $48,782.
The UK joins other nations in tightening security.
In light of the numerous instances of virtual asset fraud that have been reported for 2022, including rug pulls, identity theft, and bridge scams, authorities are looking to strengthen the law to address the infamous crimes.
Following concerns of lax regulation in the market in 2022, the UK’s NCA established its digital asset unit on January 4. Bad actors took at least $287 million, according to a report published by the UK’s system of cybercrime and fraud.
Despite Prime Minister Rishi Sunak’s declaration that he wants to turn the nation into a hub for digital assets, which is supported by the 91% crypto literacy rate of the populace, members of the House of Commons have voiced their unhappiness by comparing cryptocurrency to “mere gambling.”
The UK is trying to improve its own policies on the industry to compete with other rising markets when MiCA takes effect for Europe next year.
By tripling the number of prosecutors and designating the National Cryptocurrency Enforcement Unit (NCET) as a permanent unit in the criminal division, the US Department of Justice (DOJ) overhauled its cryptocurrency enforcement unit last month.
As the industry there continues to grow faster than its rivals, the UK is still a top place for virtual assets and related technology.