The government has introduced the Code of Practice for Software Vendors, which seeks to establish clear expectations for software providers and encourage best practices in security and risk management. While the Code is currently voluntary, it represents an important step towards improving software security standards and shaping future regulatory approaches.

Despite all of the efforts made to reduce crime, it has come to NCA’s attention that further developments are needed regarding cryptocurrency crime. Various countries have reported an increase in the frequency of and losses from cryptocurrency scams, which has led to a rise in the worry about cryptocurrency fraud on a global scale.

It’s been over a year since the Securities and Exchange Commission (SEC) filed an action against Ripple Labs Inc, and two of its executives, alleging Ripple had raised over $1.3 billion through the illegal sale of an unregistered security, XRP.

The government launched a consultation on cryptoassets and stablecoins last year and has now published its response setting out the next steps.

The cryptocurrency community has been captivated by Tulip Trading Limited v Bitcoin Association for BSV and others. At the heart of the dispute lies access to and control of digital assets worth approximately US$4.5 billion.

On 22nd December 2020, the Securities and Exchange Commission (SEC) announced that it had filed an action against Ripple Labs Inc, and two of its executives, alleging that they raised over $1.3 billion through the sale of digital assets, known as XRP, in breach of the Securities Act 1933. 

As of 10 January 2021, all cryptoasset firms are required to be registered with the Financial Conduct Authority (FCA) in order to adhere to the Money Laundering Regulations. 

Last month, Arianne King participated in a lively panel discussion at the Society of Computers & Law Conference on “Blockchain, Cryptocurrencies and ICOs.”

The panel discussion highlighted the fact that blockchain is something everyone is talking about, but not everyone understands in detail.