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Home News Crypto

UK Insolvency Service Appoints First Crypto Specialist to Boost Asset Recovery

10 June 2025
in Crypto, News
Reading Time: 3 mins read
106 3
UK Insolvency Service Appoints First Crypto Specialist to Boost Asset Recovery

Source: Civil Service World

The UK Insolvency Service has taken a significant step in modernizing its approach to asset recovery by appointing its first cryptocurrency intelligence specialist. This move comes as digital assets, such as Bitcoin and Ethereum, become increasingly prevalent in bankruptcy and criminal investigations.

📈 Insolvencies with crypto as asset up 420% in 5 years
🪙 Over £500,000 crypto in insolvency cases last year
🕵️‍♂️ Ex-police investigator appointed to trace digital assets in criminal cases

👇 Insolvency Service hires first crypto expert to help recover funds from bankruptcy cases

— Insolvency Service (@insolvencygovuk) June 9, 2025

Andrew Small, a former economic crime investigator, has been named to the new role. He will work within the agency’s Investigation and Enforcement Services team, providing expert guidance on how cryptocurrencies and NFTs are stored, traded, and potentially hidden. Small’s appointment reflects the rapid growth of crypto ownership in the UK, with over 7 million adults now holding digital assets, according to the Financial Conduct Authority.

The need for specialized expertise has grown sharply. In the 2024–25 financial year, the Insolvency Service identified over £520,000 (about $660,000) in crypto assets across 59 cases. This is a dramatic increase from just £1,436 (around $1,820) in 14 cases during 2019–20. The rise highlights how digital assets are becoming a key factor in both personal finance and insolvency proceedings.

With cryptocurrencies often used to conceal assets, the agency’s new role aims to close gaps in the UK’s asset recovery framework. Small will help frontline investigators trace and recover digital assets, making it harder for individuals and companies to hide wealth during insolvency or criminal proceedings. Neil Freebury, head of intelligence at the Insolvency Service, emphasized that Small’s expertise will strengthen the agency’s ability to tackle increasingly complex cases involving crypto.

This appointment signals a more proactive and informed approach to digital asset enforcement in the UK. As regulators worldwide grapple with the challenges posed by decentralized finance, the UK is positioning itself to protect creditors better and uphold the integrity of its financial system.

Consequently, The UK government has issued draft legislation to regulate cryptoasset activities, amending the Financial Services and Markets Act 2000. This proposal, now open for review, identifies new regulated crypto activities, such as custody and exchange services, that would fall under the FCA’s jurisdiction.

 

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Tags: Andrew SmallAsset RecoveryCrypto
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Bobby Okposin

Bobby Okposin

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