Fraudulent activities have become very rampant in recent times because of how difficult it is to trace such transactions. The United Kingdom has stepped in to make it easy and fast for the state’s judiciary system to trace the transactions of BTC and other digital currencies. The country’s government is drafting new guidelines to combat fraudulent activities related to cryptocurrency.
Sir Geoffrey Vos, a senior judge in the country stated at a legal press event that a subsection of the institution that enacts laws for civilian courts is trying to amend the legislation to make it faster for courts to work on fraudulent cases concerning virtual currency. In the same way, the court can order financial institutions to release details of a bank account, the same power will be extended to crypto accounts.
Tracking Of Cryo Assets Transactions
As stated in the gazette of the Law Society, the new guidelines being discussed will include legislation allowing courts to require third parties, like crypto exchange firms, to divulge records connected to persons who are engaged in fraudulent activities. The new laws may potentially broaden the basis for serving legal documents beyond the court’s jurisdiction. “Several procedures that are aimed at tracking the money gotten from cryptocurrency fraud have been hindered due to the court’s lack of jurisdiction,” Vos noted at a legal symposium
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Senior Judge Likens Blockchain Technology To Digital Currencies
“Blockchain technology is presently at a level in its advancement equal to that of the internet in 1995,” Sir Vos stated at a recent conference.” In 1995, the Internet was unstoppable; now, blockchain tech is unstoppable. “This technology will become mainstream in all main financial and industrial industries since it provides for the irrefutable collection of information. This helps to decrease friction in business and consumer interactions and eliminate the possibility of a disagreement over what happened,” Vos noted.
Earlier this year, the government placed restrictions on cryptocurrency advertisements which were misleading several persons to invest their hard earned salary into these schemes. If the court must bring these fraudsters to justice, laws have to be put in place to extend its jurisdiction to cover cryptocurrencies. When this is done, the court can order exchange firms to release information of their customers involved in fraudulent transactions online.
Hopefully, that new regulation by the authorities would make individuals have a rethink before engaging in criminal activities. This is because the court would be able to monitor crypto transactions and bring all those involved under the full grip of the Law.
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