The U.K.’s Insolvency Service, responsible for returning assets to creditors in bankruptcy cases, said it appointed its first crypto intelligence specialist to help trace cryptocurrencies as digital assets become more widespread.
Former police investigator Andrew Small will take on the role at the government agency, and will primarily focus on criminal cases, the service said.
In the past five years the number of cases that have identified crypto as an asset that can be recovered by liquidators rose by 420% to 59. The estimated value of crypto involved rose by 364 times to about 520,000 pounds ($700,000), in the same time frame.
“Crypto is very much a recoverable asset, and my role will help the agency by providing specialist knowledge about the types of cryptoassets available and the associated technology used to buy, sell and store them,” Small said in the statement.
The U.K. has been beefing up its crypto framework as digital assets have soared in popularity. Research by the Financial Conduct Authority showed that the number of residents holding crypto rose to 7 million in 2024 from 2.2 million in 2021. The country has been publishing draft legislation and consultations for a crypto regime.
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