UK Appoints Crypto Specialist Reclaim Creditor Funds
The UK Insolvency Service has appointed Andrew Small as its first crypto intelligence specialist to assist in recovering cryptocurrency from bankruptcy and criminal cases. The number of crypto-related insolvency cases in the UK has surged by 420% over the past five years, with the value of crypto assets identified in these cases increasing 364 times to £523,580 ($709,500). Small will provide expertise on various cryptocurrencies, including Bitcoin, Ether, and memecoins. The Insolvency Service aims to maximize returns for creditors by tracing and recovering assets. A study revealed that 12% of UK adults owned crypto in 2024, up from 4% in 2021. Starting January 1, 2026, UK crypto firms will be required to report detailed customer transaction data to enhance tax reporting and transparency, aligning with the Organisation for Economic Development’s Cryptoasset Reporting Framework.
