The Crypto Tsar would be the official who would ensure a coordinated approach. For various government agencies to regulate this sector. And this is necessary to turn the country into a cryptocurrency hub, lawmakers say

A parliamentary group in the UK has proposed the appointment of a ‘Crypto Tsar’. And to ensure a coordinated approach by various agencies to regulate the digital currency industry. Parliamentarians say this is necessary to ensure UK leadership in the cryptocurrency industry and to protect consumers.

The Crypto & Digital assets All-Party Parliamentary Group (APPG) has published a report containing more than 50 recommendations to government on the industry. Among them is the appointment of an official. And that will ensure a co-ordinated approach by various government departments and agencies.

The report points to the rapid growth of the cryptocurrency market. And the fact that “this sector is now with us for the long haul”. As such, the report argues that the sector needs to be regulated to protect consumers. And the implementation of the government’s vision to make the UK a global cryptohub.

“The government should consider appointing a ‘crypto tsar’ who could help coordinate the work of various agencies to ensure a consistent approach,” the APPG report says.

The positions of regulators and other government bodies in the United Kingdom on cryptocurrencies are divergent, creating uncertainty in the market.

Our experts note that at the end of October last year. And  MPs in the lower house of parliament supported recognizing cryptocurrencies as another type of financial asset rather than singling them out as a separate class.

The department’s proposals were published for public discussion. The new rules are aimed at implementing the UK government’s plans to make Britain a leader in cryptoindustry. Review by Crypto-Upvotes experts.

Treasury Department has submitted draft regulations on crypto-assets for public consultation. The ministry said the proposals are aimed at realizing the government’s “ambitions. Which intends to make the country a leader in the crypto industry and create conditions for work. As well as the development of cryptocompanies in the UK, taking into account the potential risks.

The UK has set a goal to increase London’s global competitiveness in the financial sector, including the cryptocurrency industry. In late November last year, UK Treasury Secretary Andrew Griffith confirmed the government’s desire to make the UK a global hub for crypto-assets and blockchain technology.

The government pledged to introduce a new regulatory regime in April 2022. Public discussions of the document submitted by the Ministry of Finance will last for three months and will be completed by April 30.

The new rules will apply to the issuance of digital currencies and the activities of crypto platforms. As well as including DeFi-services, public offering of assets, conducting transactions, credit products and ways of storing digital currencies.

The document also raises the issue of the need to regulate mining and blockchain validators. The paper’s authors point out that the computing power of UK miners is a very small percentage of global Bitcoin production – only 0.23%. Therefore, there may be no reason to regulate mining. Nevertheless, the government is interested in any opinions on the topic.

Cryptocurrency exchange Binance said it welcomes the UK government’s action because it believes in the need for effective and appropriate regulation for the mass adoption of digital assets.

Scotland Yard cybercrime unit has tracked down phone scam suspects after examining cryptocurrency payments. Review by Crypto-Upvotes experts

Analysis of Bitcoin transactions helped British police arrest more than 100 people, according to Metropolitan Police. In the largest scam operation in the country’s history. Which was conducted by Scotland Yard, was dismantled site iSpoof and caught the suspects of telephone scams.

iSpoof allowed scammers to impersonate tax officials and banks. This included Barclays, Santander, HSBC, Lloyds and others. Phone scammers tried to trick people into giving up money or providing confidential information. For example, disposable bank account access codes. iSpoof disguised phone numbers to make it appear that scammers were calling from a trusted source. With iSpoof, scammers paid in Bitcoin.

The average loss, among those who complained of fraud, was £10,000. It is believed that in total victims of scammers lost tens of millions of pounds. Whereas iSpoof scammers made almost £3.2 million in 20 months. According to police, more than 200 thousand potential victims in Britain alone were attacked through the site. In one year, iSpoof made about 10 million scam calls around the world.

Operation to identify this criminal group was carried out by the cybercrime unit of London Police with the assistance of Europol, FBI and other law enforcement agencies. Investigators began their investigation in June 2021. They collected information from the iSpoof website, and initially the circle of suspects was 59,000 people. So they began tracking only those UK residents on Bitcoin transactions. Who spent at least £100 in Bitcoin on this site.

A wave of arrests followed in the country, and information about other suspects was passed on to law enforcement colleagues in Netherlands, Australia, France and Ireland.