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.

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.