The UK government announced on Thursday that it has introduced new rules designed to address cryptocurrency fraud.
While presenting a speech at a legal conference, Sir Geoffrey Vos, the Head of Civil Justice in The Court System of England and Wales, disclosed that the Civil Justice Council (CJC), a body that writes the rules for civil courts in the UK, is planning to update its laws to make it easier for courts to trace cryptocurrencies and work on fraud cases involving such assets.
The new rules that the council considers include laws that would allow courts to order third parties, like crypto exchanges, to disclose documents associating individuals who have been proven to be involved in fraud cases, according to the Law Society Gazette.
Additionally, the new rules seek to expand cases where legal cases can be addressed outside the jurisdiction.
“It is that obstacle that has impeded many sets of proceedings aimed at tracing the proceeds of crypto fraud,” Vos stated.
“The blockchain is now at a stage in its development equivalent to where the internet was in or around 1995. The internet was unstoppable in 1995 and blockchain technology is unstoppable now. It will become ubiquitous in all major industrial and financial sectors, simply because it allows for the immutable recording of data, thereby reducing friction in commercial and consumer transactions and obliterating the scope for dispute as to what has occurred,” Vos elaborated.
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