UK-based independent legal team to tackle international crypto disputes
The team believes that no matter how you choose to trade and exchange virtual currencies, you will need to do it in compliance with UK laws, or risk being held accountable for your actions.
For the past few years, the cryptocurrency industry has been plagued by accusations of fraud, scams, and even a criminal investigation of the largest Bitcoin exchange, Mt. Gox. As a result, it’s no surprise there is a demand for legal advice in this space. If you’re looking for a small firm with the experience to navigate and protect you in these complex and fast-moving markets, then you’ve come to the right place.
In recent years, the cryptocurrency market has become increasingly popular and, as a result, has attracted many legal challenges. Several of these have been successful due to the lack of clear regulatory and legislative framework in the crypto space. In early 2017, the UK-based independent legal team Dispute Resolution Service (DRS) launched to assist investors with legal complaints arising from cryptocurrency exchanges and other investment intermediaries. Read more about DRS below.. Read more about cryptocurrency lawyer uk and let us know what you think.
The Crypto Fraud and Asset Recovery (CFAAR) network has been launched by crypto specialists throughout the legal sector in the United Kingdom, with the goal of giving redress for crypto-related fraudulent acts.
“Lawyers, barristers, forensic accountants, corporate intelligence, and asset recovery experts” are among the specialists in the organization.
The increase in fraudulent operations like as theft, initial coin offers, and ransomware assaults prompted the creation of the CFAAR network. CFAAR’s team plans to “act forcefully and effectively” to crypto crimes and fraud by offering “the greatest available methods of redress” by bringing together legal professionals.
Asset Reality, Essex Court Chambers, Grant Thornton, Osborne Clarke, Rahman Ravelli, RPC, Stewarts, and Twenty Essex are among the original members of the U.K.-based crypto legal team. According to the announcement:
“[CFAAR] includes practitioners who pioneered approaches to global crypto fraud investigations, forensics, advocacy, and the tracing and recovery of crypto assets, as well as those actively involved in pioneering approaches to global crypto fraud investigations, forensics, advocacy, and the tracing and recovery of crypto assets before the English courts.”
While the network is still looking for more crypto specialists to join, it has said that it wants to be a “reliable and independent voice in crypto-related judicial and regulatory assessments and consultations.”
Former UK Supreme Court Justice Lawrence Collins commented on the new launch, saying:
“Criminal justice is insufficient as a solution for victims. London has always been a leading financial and professional center, but it may now also be becoming a hotbed for international financial crime.”
Related: A UK prosecutor predicts a rise in cryptocurrency frauds, although the numbers are still modest.
Based on data provided by the City of London police and the Crown Prosecution Service, a recent study predicted an increase in crypto frauds. While the present results indicate that there is no imminent danger, the CPS predicts that cyber-related fraud accounts for 86 percent of all reported frauds as people continue to use online services.
Cryptocurrency investments were linked to almost 21% of the 27,187 recorded cybercrimes, according to the study. In the grand scheme of things, however, cryptocurrency-related fraud accounts for just 0.6 percent of the total 822,276 fraud incidents.
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