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The UK’s National Crime Agency has decided to assemble a dedicated team to actively investigate crypto-related crimes.
The National Cyber Crime Unit’s (NCCU) Crypto Cell will initially include five executives to support existing and new investigations that benefit from specialized cryptocurrency experience. Additionally, members of this team are expected to take a proactive stance when it comes to identifying potential targets for further investigation, according to decrypt.co citing a recent job posting.
Candidates are expected to have a background in blockchain forensics investigations and can apply for this position by January 10, 2023.
A representative of the National Crime Agency, quoted by the same source, emphasized that the crime prevention agency has been involved in thwarting cryptocrime for some time, but assembling this new team will increasingly help crack down on cryptocurrencies. It shows that the emphasis is on.
UK ramps up crypto investigations
The UK appears committed to preventing cryptocurrencies from being used to fund illicit activities.To this end, the UK Parliament introduced the Economic Crime and Corporate Transparency Bill. bottom. This makes it easier for police to investigate and deal with organized criminals who rely on cryptocurrencies.
A report from the National Crime Agency shows how they seized £27m worth of crypto assets in the 2021-2022 financial year. The report also highlights that criminals are increasingly exploiting financial technology and crypto assets for money laundering and adapting to COVID-19 travel restrictions.
US Fed Warned Banks About Crypto Risks
In January 2023, the Federal Reserve, FDIC, and OCC issued a joint statement warning banks about the risks associated with cryptoassets.
The Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) will release a statement on the matter on January 3, 2023, addressing various issues identified in the cryptocurrency sector in 2022. I was.
The institution stressed that there are some risks that cannot be managed in the crypto sector and that those risks should not affect the traditional banking system. Risks they have identified include fraud, volatility and contagion.
According to Cointelegraph.com, based on the institution’s experience to date, issuing or holding major crypto assets issued, stored, or transferred over open, public, or decentralized networks is a safe banking practice. concluded that it is likely to be incompatible with practice.
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