21. September 2023

UK Gov’t Targets Crypto Fraudsters with Cold Call Ban

• The U.K. government announced its new fraud strategy, pledging 400 new jobs to update its approach to intelligence-led policing.
• The government will work alongside the telecoms regulator, Ofcom, to use new technology to counter phone number “spoofing” and introduce laws that require financial institutions to reimburse victims of authorized fraud.
• The U.K. Financial Conduct Authority (FCA) mandated that all companies engaged in crypto asset activity register with it per existing Financial Services and Markets Act rules for the digital assets market.

U.K.’s Fraud Strategy

The United Kingdom is set to ban cold calls selling financial products, including insurance and cryptocurrencies, to crack down on fraud in order to reduce the estimated £7 billion ($8.7 billion) it costs annually in losses due to fraudulent activity. The National Crime Agency has pledged 400 new jobs dedicated towards updating its approach to intelligence-led policing as part of a new fraud strategy announced by the U.K government, who will also be working with Ofcom concerning phone number spoofing technology in order to prevent further scams related activity from taking place.

Financial Reimbursement

In order for more victims of fraudulent activity to get their money back, laws have been proposed which would require financial institutions such as banks and credit card companies etc., reimburse those affected by authorised fraud up to an agreed amount as determined by the law itself when passed into statute as legislation mandate for all involved parties..

U.K.’s Crypto Regulatory Framework

The U.K Financial Conduct Authority (FCA) has put forward a proposal which requires any business engaging in cryptocurrency activities must register with it following existing rules under the Financial Services and Markets Act relating specificallyto digital assets markets.. This regulation seeks balance between providing a secure environment for investors while at the same time promoting innovation within this industry sector by not stifling creativity and progress through overly strict measures or enforcement action against those who are making genuine attempts at providing legitimate services within this field of finance but may have fallen short somewhere along the line when applying for official registration status from FCA themselves..

Organised Crime Syndicates Exploiting Loopholes

Organised crime syndicates are reportedly exploiting loopholes pertaining too lenient regulations which allow them operate from within UK jurisdiction with registering a company costing just 12 British pounds ($14.85) requiring no form of identification whatsoever making it easy for them gain credibility even though their intent may be nefarious rather than honest or legal pursuits being undertaken on behalf of customers/clients..

Rishi Sunak’s Statement on Crypto Assets Regulations

UK Prime Minister Rishi Sunak recently made statement regarding need strengthen regulations around cryptocurrency assets ensuring they remain safe investments public can trust while still allowing industry grow innovation flourish despite challenges faced during implementation these measures across board..