UK Appoints First Crypto Specialist for Insolvencies

The U.K. Insolvency Service has appointed its first crypto intelligence specialist, Andrew Small, to trace and recover digital assets in bankruptcy cases. Small, a former police investigator, will focus on criminal cases, leveraging his expertise to identify and retrieve cryptocurrencies.

Crypto-related insolvency cases surged 420% over five years, with 59 cases now involving recoverable digital assets. The estimated value of crypto in these cases skyrocketed 364 times to approximately £520,000 ($700,000).

"Crypto is very much a recoverable asset," Small said. His role will provide critical knowledge on cryptoasset types and the technology behind their transactions and storage.

The U.K. continues to strengthen its crypto regulatory framework as adoption grows. Financial Conduct Authority research reveals crypto ownership surged to 7 million residents in 2024, up from 2.2 million in 2021. Draft legislation and consultations for a comprehensive crypto regime are underway.