The UK Insolvency Service appointed its first cryptographic intelligence specialist to help recover the cryptocurrency of bankruptcy and criminal affairs.
Andrew Small, a former police investigator with an economic crime training, will direct the efforts to trace and recover cryptographic assets that have not been taken into account in these procedures, according to a June 9 statement from the insolvency.
It occurs because the number of cases of insolvency linked to crypto in the United Kingdom has increased by 420% in the past five years, while the estimated value of the cryptographic assets identified in the cases of insolvency increased by 364 times to 523,580 British pounds ($ 709) during the period.
“There was a rapid increase in the possession of crypto in the United Kingdom, and alongside this, we saw a similar increase in the possession of cryptocurrency in bankruptcy,” said Small, adding that the crypto is “a recoverable asset”.
Everything, from bitcoin to mecoins and nft, will seek to be recovered
The insolvency service is responsible for monitoring and recovering money and assets from individuals or businesses in cases of insolvency, to return as many funds as possible to creditors.
Small has said that its role would involve providing specialized knowledge on available cryptocurrency types and associated technology used to buy and store them.
The insolvency service said it might include everything, from Bitcoin (BTC) and Ether (ETH) to the same as Dogecoin (Doge) and non -tumbled token works.
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The insolvency intelligence chief Neil Freebury expects the appointment of Small to improve collaboration and strengthen the results for investigators working on cases of possession of cryptographic assets.
“His appointment will help our investigators to face cases where possession of cryptocurrencies is a factor.”
The property of cryptography in the United Kingdom is increasing
A study by the Financial Conduct Authority of the United Kingdom last November revealed that 12% of British adults had crypto in 2024 – a significant increase compared to the 4% reported in 2021.
They have an average value of up to 1,842 British pounds ($ 2,496).
The United Kingdom requires cryptographic companies to report each customer transaction
Increased efforts to recover the crypto from bankruptcy cases occur in the middle of a wider push in the United Kingdom to regulate the cryptography industry more closely.
British crypto companies will have to collect and report data from each customer trade and transfer from January 1, 2026, as part of a wider effort to improve the tax reports of cryptography, the British Ministry of Revenues and Customs said last month.
Everything, from the full name of the user, the reception address and the tax identification number must be collected and reported for each transaction, including the cryptocurrency used and the amount moved.
The new rule is part of the integration of the United Kingdom of the Crypto-Assemblies Report of the Economic Development Organization to improve the transparency of cryptographic tax reports.
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