Cointime

Download App
iOS & Android

UK government‘s long-term fraud strategy labels crypto as ‘growing risk‘

The UK government has issued a policy paper on how to combat fraud against individuals and businesses from 2026 to 2029, specifically noting that its strategy would consider digital assets.

In a paper published on Monday, the UK’s Home Office identified cryptocurrencies as one medium of exchange “where victims are deceived into willingly transferring money” through scams on social media platforms and messaging. According to authorities, “vulnerabilities remain” in their attempts to fight fraud in emerging payments like crypto, and the technology posed “growing risks” for consumers.

“The [National Crime Agency] launched a nationwide campaign in 2025 to help consumers spot fraud, and the Government is also supporting law enforcement, including the Serious Fraud Office (SFO), to enhance cryptoasset investigation capabilities,” said the UK government.

Measures already taken by the government include the Financial Conduct Authority’s (FCA) crackdown on crypto companies marketing tokens to UK consumers that began in 2023, and HM Treasury introducing a comprehensive regulatory framework for digital assets set to be implemented in October 2027. The paper said that requiring crypto companies “to obtain FCA authorization and comply with its rules” would help fight related fraud.

“This is not just about reducing crime; it is about restoring confidence,” said Home Secretary Shabana Mahmood and Minister of State at the Home Office, Lord Hanson of Flint. “Every pound stolen through fraud is a pound not reinvested in our economy. Every victim is a reminder of why we must act. By delivering this Strategy, we will make the UK a safer place to live, work, and do business, and send a clear message to criminals: there is nowhere you can hide.”

Scrutiny over crypto contributions to UK politicians

While the policy paper focused on fraud, it did not explicitly mention an ongoing debate in the UK over whether political parties and candidates should be allowed to accept contributions in digital assets, given potential conflicts of interest. The UK government has reportedly been considering a ban on such contributions as part of an Elections Bill.

At the Bitcoin 2025 conference last year, UK Reform leader Nigel Farage said that the party would begin accepting donations in crypto. Early crypto investor Christopher Harborne sent a combined $16 million to Reform through donations in 2025.

Comments

All Comments

Recommended for you

  • Michael Saylor Releases New Bitcoin Tracker Information, Potential Disclosure of Increased Holdings Next Week

    On April 26, Strategy founder Michael Saylor released new information related to the Bitcoin Tracker, captioned: 'The ₿eat Goes On..'. According to previous patterns, Strategy typically discloses information about increased Bitcoin holdings the day after relevant news is released.

  • BTC Surpasses $78,000

    Market data shows that BTC has surpassed $78,000, currently priced at $78,042.78, with a 24-hour increase of 0.69%. The market is experiencing significant volatility, so please ensure proper risk management.

  • Trump: Does Not Believe Shooting Incident is Related to Iran Conflict

    On April 26, U.S. President Trump stated (when asked if the shooting incident was related to the Iran conflict) that he does not believe so. (Jinshi)

  • Latest Progress on DeFi United Ecological Rescue Initiative: Over 100,000 ETH Raised at Designated Donation Address

    On April 26, the DeFi United ecological rescue initiative, led by Aave, continues to advance. The Arbitrum DAO has released 30,765 ETH that was frozen after the rsETH incident on April 18. Currently, the designated donation address has raised a total of 100,360 ETH to address the collateral asset gap caused by the rsETH incident. The plan aims to restore the backing assets of rsETH through multi-party collaboration, stabilize the market, and prevent the spread of bad debts across protocols. The funds will be used to support the restoration of collateral rates and to gradually normalize the market in conjunction with relevant protocols. Key contributors or participants currently include: Arbitrum DAO releasing 30,765 ETH frozen after the rsETH incident, Mantle proposing to contribute 30,000 ETH, Aave DAO proposing to contribute 25,000 ETH, Aave founder Stani Kulechov confirming a contribution of 5,000 ETH, EtherFi proposing to provide 5,000 ETH, Lido proposing to provide 2,500 stETH, and the Golem Foundation and related projects contributing a total of 1,000 ETH, among others. Additionally, LayerZero, Ethena, Frax Finance, and Ink Foundation have also confirmed their participation, although the specific amounts have not yet been disclosed. It is important to note that the progress of this rescue initiative still relies on several external key conditions, including KelpDAO's restoration of rsETH redemptions and the Arbitrum Security Council's release of frozen assets, resulting in uncertainty regarding the overall recovery time and effectiveness.

  • Trump Evacuated from White House Correspondents' Dinner Due to Security Incident

    On April 26, local time April 25, U.S. President Trump was urgently evacuated from the White House Correspondents' Dinner due to a security incident. (CCTV News)

  • Shooting Incident at White House Correspondents' Dinner; Gunman Dead

    On April 26, local time on April 25, a shooting incident occurred in the hall of the White House Correspondents' Dinner, and the gunman is now deceased. (CCTV News)

  • Trump States He Will Not Allow Banks to Undermine Cryptocurrency Market Legislation

    On April 26, CoinDesk reported, citing attendees at a Trump cryptocurrency event, that Trump stated he would not allow banks to undermine cryptocurrency market legislation.

  • Iranian Officials to Depart Pakistan Without Meeting U.S. Representatives

    On April 25, according to a reporter from the New York Post: The Iranian delegation is set to leave Islamabad, the capital of Pakistan, and has consistently emphasized that they did not meet with U.S. officials during their brief visit.

  • Foreign Media: Second Round of Iran-U.S. Talks Scheduled for April 27

    On April 25, according to New Delhi Television: The second round of talks between Iran and the United States is scheduled to take place on April 27.

  • Iranian Lawmaker: Comprehensive Plan for Managing the Strait of Hormuz Formed

    On April 25, according to a report by Iran's Mehr News Agency, Iranian Islamic Parliament member Behnam Saidi stated that Iran has developed a comprehensive plan for managing the Strait of Hormuz. In an interview with Mehr News Agency, Saidi mentioned that an important aspect of this plan is the exclusive recognition of the name 'Persian Gulf' in all correspondence and commercial documents, rejecting any other names. Vessels and ships navigating in the region must obtain permission from Iran. Sovereignty over the Strait of Hormuz will be entirely under Iran's control. He also stated that vessels identified as hostile by the Supreme National Security Council or the General Staff of the Armed Forces of Iran are not allowed to pass through the Strait of Hormuz, and Israeli vessels are absolutely prohibited from entering the area. Ships passing through the region must pay relevant fees concerning safety, environmental protection, shipping management, and licensing, with priority given to payments in rials.