UK NPCC deploys crypto advisors post Sunak’s oath

  • October 28, 2022
  • Jennifer Moore
UK NPCC deploys crypto advisors post Sunak’s oath

Over the last few months, the situation in the United Kingdom has sent the global economic market into a tailspin. With the existing economic fallout of Brexit, the tax-cutting package of Liz Truss creates a pandemonium in the UK. On September 23rd, Lizz Truss along with the Chancellor of the Exchequer, Kwasi Kwarteng introduces the “45 billion pound” mini-budget plan. It is the biggest in the last fifty years. The tax cut plan was made for the highest earners in the country, with an announcement on corporate tax hikes, and an increase on national insurance, both of which were planned to be in effect from 2023. The global markets responded by selling off all assets backed by the UK, which plunged the value of the pound up to $1.03, which was the lowest ever value against the US dollar.

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Truss’s Mini Budget Fuelled UK’s Economic Crisis

While the United Kingdom already had a lot on its plate with stagnant wages, and global inflation, along with the weakest economic recovery since covid pandemic, an energy crisis with one of the hottest summers on record and a recession has only made it inevitable. All these factors have contributed to the “cost-of-living” crisis, and with that, the currency crisis is only adding more to its plate. The Truss’s tax cut budget for the highest earners will save 40% of the income tax bracket, on the earnings of valuation of 50,271 pounds which saves the richest households around 9187 pounds every year.

On the other hand, the corporate tax increase from 19 to 25% will put pressure on 19billion pounds on the economy that is already reeling from inflation. Global investors find the tax cuts dangerous, and illogical which led them to sell off all their holdings, and bonds associated with pounds, plunging down the value of the currency. The announcement of the new plan also compelled the Central Bank of England to bonds worth sixty-five billion pounds in an attempt to restore order in the market situation. While wage stagnation has already caused chaos in the country, the high inflation, expensive borrowing, and high energy costs have brought down the suffering of the people who can least afford it.

Also Read: Vietnamese PM Acknowledges the Need for Crypto Regulation

Rishi Sunak Elected As the Prime Minister of the UK Amid Stagflation

The UK treasury chief and former hedge-fund manager were appointed as the prime minister of the UK. King Charles III, promised to turn the wheels of the country from the present stagflation. With his promising vows Sunak might just be the ideal candidate. Only days after his appointment as the prime minister, the UK police announces taking necessary steps to reduce illicit activities in the crypto sector.

It was only in April of 2022, that the Chancellor of the Exchequer of the UK announced his plans to make the land “a worldwide crypto-asset tech hub”. Now that he is the prime minister of the UK, the crypto industry is eagerly waiting for his plans to be executed shaping the future of crypto in the country.

UK’s NPCC to Seize Digital Assets Tied to Crime

The national police chief’s council has assigned crypto experts and tactical advisers to police departments worldwide. Thereafter, to help locate, and seize virtual assets related to crime. The staff officer of NPCC’s crypto portfolio Andrew Gould states, “There are officers of every force in every regional crime unit in the country. Those who are equipped and trained to do that”. He stated the following while speaking for the new corporate transparency bill, and Economic Crime.

With the corporate transparency bill, the government of the UK is planning to provide power to law enforcement. Thereafter, to easily freeze crypto assets associated with illicit activities. However, the police agencies of the country have already stepped up to make efforts. They target the criminals that utilize cryptocurrency for funding terrorism, and money laundering. Gould states “NPCC received an added hundred million pounds sterling from the government. Here NPCC could strengthen its capabilities of cryptocurrency.

The NPCC in the UK has been waiting for the government to fund the equipment. Thereafter, trained around 250 crypto experts and tactical advisors since 2018. Gould states, “UK is in such a state that the NPCC has already seized hundred million pounds worth of crypto”. He added that the police have also received several pieces of investigative equipment. Moreover, various ways to store the seized virtual assets on a national level. To provide the police with more powerful means to store seized crypto. The NPCC tapped Crypto custodian Komianu in January 2022.

In Conclusion

Andrew Gould believes that the NPCC won’t be able to keep up with the crypto as it is extremely expensive. The assets are becoming technical, and complex. Moreover, the officers are still having a hard time keeping up with its updates. Therefore, the need for advanced investigative tools is the need of the hour. Moreover, the private sector offers attractive checks which make it harder for the police to retain staff.

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