UK government drafts new rules to tackle crypto scammers

What’s new? The UK government is drafting new rules to tackle cryptocurrency-related fraud. The new rules include laws that will allow courts to ask cryptocurrency exchanges for information on individuals whose involvement in the fraud cases has been proven. This is reported by the Law Society Gazette.

Information on the Law Society Gazette website

What does the court’s representative say? According to Sir Geoffrey Vos, a senior UK judge, the innovations will expand the grounds under which litigation can be conducted outside the jurisdiction. Vos believes that blockchain is now at the stage of development where the internet was in 1995. He added:

“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.”