 ▲ Cryptocurrency fraud, cryptocurrency crime/AI-generated image |
The UK government has unveiled strong measures to eradicate fraud targeting virtual asset investors, including a complete ban on cold calls for all financial products and the deployment of a large-scale investigative workforce.
According to cryptocurrency-focused media outlet Cointelegraph on March 11 (local time), the UK government announced a Fraud Strategy that prohibits cold calling for financial products in order to fundamentally block financial crimes, including virtual asset fraud. Prime Minister Rishi Sunak stated that under this strategy, the government will thoroughly cut off channels through which criminals exploit citizens’ personal information or lure them with fake investment opportunities.
To significantly strengthen investigative capabilities, the government will launch a new National Fraud Squad composed of 400 newly recruited investigators. The squad will lead cooperation between the police and the Serious Fraud Office, focusing on sophisticated fraud cases such as virtual asset crimes to maximize investigative efficiency. The expansion aims to respond swiftly to increasingly sophisticated digital asset crime methods driven by technological advances and to improve the recovery of criminal proceeds.
Cooperation with social media platforms and tech companies, which have become hotbeds for online scams, will also be substantially reinforced. The UK government plans to sign an Anti-Fraud Charter with companies and implement real-time blocking systems to prevent scammers from exploiting advertising features to target victims. The initiative seeks to preemptively filter false information and fraudulent advertisements online, leaving no room for virtual asset-related scams to take hold.
The government plans to allocate $125 million over the next three years to execute the strategy. The funds will be used to advance investigative technologies and run public fraud prevention campaigns, with a particular focus on dismantling organized scam operations aimed at stealing major assets such as Bitcoin (BTC). The government has set a concrete goal of reducing fraud cases by more than 10% by the end of 2024.
The new fraud response strategy is expected to strengthen regulatory clarity in the virtual asset market and lay the groundwork for a safer trading environment. Firm law enforcement and public-private cooperation to eradicate crime are intended to enhance trust in the virtual asset industry and promote the growth of a healthy ecosystem. UK authorities have pledged to send a strong message to criminals while continuously reinforcing systems to protect citizens’ assets in the era of digital finance.
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