The UK's Insolvency Service has appointed its first cryptocurrency intelligence expert, responsible for recovering cryptocurrencies from bankruptcy and criminal cases.
According to a statement released by the Insolvency Service on June 9, former police investigator Andrew Small, who has a background in economic crime investigations, will lead the efforts to track and recover unrecorded crypto assets in relevant proceedings.
This appointment comes at a time when cryptocurrency-related bankruptcy cases in the UK have increased by 420% over the past five years, with the valuation of confirmed crypto assets in bankruptcy cases growing 364 times during the same period, reaching £523,580 ($709,500).
"The amount of cryptocurrency held in the UK is growing rapidly, and at the same time, we are seeing a similar trend in the amount of crypto assets held in bankruptcy cases," Small stated, emphasizing that cryptocurrencies "are indeed fully recoverable assets."
The role of the Insolvency Service is to track and recover funds and assets of individuals or companies in bankruptcy cases to return as much as possible to creditors.
Small indicated that his work will involve providing expertise on various types of cryptocurrencies and the technologies related to their purchase, sale, and storage.
The Insolvency Service noted that recoverable assets range widely, including Bitcoin (BTC) and Ethereum (ETH), as well as meme coins like Dogecoin (DOGE) and non-fungible token artworks.
Neil Freebury, the intelligence director of the Insolvency Service, expects that Small's appointment will enhance cooperation efficiency and improve investigators' effectiveness in cases involving crypto asset ownership.
"His appointment will effectively assist our investigators in handling cases that involve factors related to crypto asset ownership."
A study released by the UK's Financial Conduct Authority last November showed that 12% of adults in the UK hold cryptocurrencies in 2024, a significant increase from the 4% reported in 2021.
The average value of the crypto assets held by these holders is as high as £1,842 ($2,496).
Amid the broader context of increased regulatory scrutiny of the cryptocurrency industry in the UK, authorities are intensifying efforts to recover crypto assets from bankruptcy cases.
Last month, HM Revenue and Customs announced that starting January 1, 2026, UK cryptocurrency companies will be required to collect and report data on every customer transaction and transfer, which is an important part of the overall strategy to enhance transparency in cryptocurrency tax reporting.
The new regulations require businesses to collect and report complete information on each transaction, including the user's full name, home address, and tax identification number, as well as the type of cryptocurrency used and the amount transferred.
This regulatory initiative is a significant step for the UK in integrating into the OECD's crypto asset reporting framework, aimed at improving the level of transparency in cryptocurrency tax declarations.
Related: The U.S. Securities and Exchange Commission (SEC) considers a waiver framework to promote crypto innovation.
Original article: “UK Appoints Commissioner to Recover Cryptocurrency in Bankruptcy Cases”
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