Cryptocurrency, like every other burgeoning industry, has faced its fair share of challenges over the years. This has included incidents of crypto users being scammed of their tokens and money or having them stolen, as well as some unscrupulous individuals using cryptocurrency to commit crimes.
The good news is that London’s Metropolitan Police has announced a 40-person crypto team which has been tasked with combating crypto crime. This team has been in operation since May of this year and was assembled last year and from all indications, will offer immense benefits to those in the industry.
How This Team Will Work
According to a statement from Detective Inspector Geoff Donoghue, who is a member of the team, there are currently 19 active investigations being carried out. The team will focus on the jurisdiction of Greater London but considering the fact that it is a major financial hub, some of the criminals operating will likely engage in international activities.
This move is almost unprecedented as law enforcement has been known to overlook cryptocurrency in the past. Thus, the creation of a team dedicated to crypto crime is a landmark development and has great implications.
How This Helps Crypto Users
While there has been a lot of talk about crypto-related crimes in the wake of the new team, we must acknowledge that there are many people who use cryptocurrency legitimately. There are those who speculatively trade crypto in the hopes of making a profit on various platforms. Others HODL their crypto for years as a hedge against inflation. Still others spend cryptocurrency on everything from food to rent. And a look at the list of most popular Bitcoin casinos will show that many are using cryptocurrency to gamble. So, crypto owners in the UK aren’t just one single type of person – around 10% (4.97 million) of the population have at least one type of crypto.
All these groups of people are targets for thieves and hackers and thus, the existence and actions of this task force benefit them. First, there is a dedicated team that they can report to if they suspect something or have been the victim of a crypto crime. No longer will they have to work with law enforcement who don’t understand crypto, but instead, have access to a team that specializes in it. And if one of the team’s ongoing investigations is successful and groups of crypto criminals are prosecuted, crypto users as a collective will be safer to use their tokens.
The benefits will be not just individual but institutional as well. It is no secret that many investors are reluctant to get involved in crypto because they are under the impression that it is all about crime and scams. More so, many are concerned that there is no support from regulators and law enforcement and this makes crypto seem all the more risky. But the existence of this team, especially if it delivers results, can help reassure potential investors that cryptocurrency is not the wild west that they believe it to be. As such, more people might flock to crypto thanks to this improved public image.
What Led to the Team?
Cryptocurrency has existed for over a decade at this point but why is this team being set up now? The simple answer is that the team has become very necessary and more difficult to put off. Crypto crime, like all forms of crime, has existed for as long as the industry has but lately, it has become more prominent as the industry grows.
The more people use cryptocurrency and the more profitable the industry is, the more criminals will try to take advantage of it. We’ve seen several high-profile incidents over the years and as time goes on, law enforcement simply couldn’t ignore it. We also need to consider the role that top institutions played in this development. In the last few years, several major corporations began embracing cryptocurrency and this significantly raised the stakes for investigating and prosecuting cryptocurrency-related crimes. It wasn’t just everyday people being affected now, it was billion-dollar companies.
And this is far from the end. Most likely, cryptocurrency as an industry will continue to grow and thrive and for this to go off smoothly, some sort of protection for consumers will be needed, which is why this police team is so important. Hopefully, this development in London will lead to the creation of task forces in other major and minor cities and crypto-related crimes will reduce over time.
This is similar to the trends we’ve been seeing with regard to crypto regulation over the years. The industry had been overlooked by regulators for years but as it became more prominent, laws were put in place to accommodate it. Now, there are crypto laws all over the world and committees to look into changes in the industry, and crypto users have been all the better for it.
Conclusion
The creation of the London Metropolitan Police’s crypto investigation team is a welcome development for the crypto industry as it means that crypto crime can be investigated and prosecuted in real time. It also shows just how far the industry has come in terms of its public profile and how seriously those in power are taking it.
If all goes well, we should see an increase in the prosecution of crypto criminals and a much safer industry for those who use digital assets. It could also mean more of such task forces being launched across the world.
