The National Cyber Crime Unit (NCCU) Crypto Cell will initially include five officers and will support existing and new investigations that stand to benefit from specialist cryptocurrency experience. Furthermore, according to decrypt.co citing a recent job filing, the members of this team will be expected to adopt a proactive stance when it comes to identifying potential targets for further investigation.
Candidates will be expected to have a background in blockchain forensic investigation, and they will be able to apply for the position until 10 January 2023.
National Crime Agency representatives cited by the same source highlighted that the crime prevention body has been involved in stopping crypto crime for a while now, but putting together this new team will signal an increased focus on policing crypto assets.
The UK is stepping up its crypto investigations
The United Kingdom seems 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, which made it easier for police forces to investigate and act against organised criminals that rely on crypto.
A report from the National Crime Agency shows how they managed to seize nearly GBP 27 million worth of crypto assets in the 2021-2022 financial year. The report also highlights that, in the case of money-laundering, criminals increasingly exploited financial technology and crypto assets, and adapted to COVID-19 travel restrictions.
US Federal Agencies warned banks about crypto risks
In January 2023, The Federal Reserve, FDIC and OCC have released a joint statement in which they warned banks about the risks associated with crypto assets.
The Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released the statement in question on 3 January 2023 and touched on various issues identified in the crypto sector in 2022.
The agencies highlighted that there are several risks that cannot be managed in the crypto asset sector and that those risks should not make their way to the traditional banking system. Some of the risks they identified include fraud, volatility, and contagion.
According to cointelegraph.com, based on the agencies’ experience so far, they concluded that issuing or holding as principal crypto assets that are issued, stored, or transferred on an open, public, or decentralised network is likely to be incompatible with safe banking practices.
