Crypto Fraud and Asset Recovery Legal Community Launches in the UK
A new community formed by legal industry professionals in the UK targets widespread education on crypto dispute-related cases.
Legal industry professionals in the UK have come together to target a growing area of legal need: crypto disputes. The Crypto Fraud and Asset Recovery (CFAAR) community consists of lawyers, barristers, forensic accountants, corporate intelligence, and asset recovery experts.
Together, this group of experts intends to develop and share the best practices to deal with such disputes. The group highlights the UK and common law jurisdictions in a way presentable to a global audience. The ultimate goal being crypto dispute resolution.
In its announcement, the group cites an increase in cryptocurrency-related fraud including theft, ICOs, and ransomware attacks as catalysts for legal industry awareness.
Founding members of CFAAR include practitioners in the UK who lead some of the first cases before English courts. In addition, some group members are active advocates for breakthrough ways to address international crypto fraud investigations and the recovery of assets.
Former Justice of the UK Supreme Court, Lawrence Collins commented on the formation of the group,
“The professionals have to arm themselves to help clients who have been the victims of fraudsters who offer unbelievable returns in fake offerings, or who create false crypto assets and false exchanges, and then hide the proceeds of crime through complex webs,” Collins said. “CFAAR is uniquely placed to build networks to develop remedies to prevent exploitation and to assist victims.”
Thus far, CFAAR consists of well-versed professionals in the space though it seeks to include other global professionals in the crypto space. The group intends to host meetups, lectures, conferences, and other social events to foster a community around taking action. Founders hope to be an “authoritative and independent voice” in cryptocurrency law.
Understanding crypto regulations
The creation of such a group comes as crypto regulations are on the table of major global regulators. In the UK in particular, regulatory bodies are actively seeking out ways to control the cryptocurrency space.
Earlier in the year, the UK released its first series of tax guidelines for crypto taxation. The regulations from the UK regulators focused on more than just one area of the space and even included the likes of miners.
More recently, an increase in the number of crypto asset firms have withdrawn their applications to regulators in the UK. Meanwhile, an increase in the number of crypto investors in the UK shows the continued interest in the space.
In the U.S. lawmakers are preparing to issue a bill that could drastically damage those operating within the digital asset space. Now more than ever, there is a need for a greater understanding of cryptocurrency dispute resolutions, consumer rights, and proposed laws.
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