The UK’s Insolvency Service has recently announced the appointment of its first crypto intelligence specialist, tasked with tracing cryptocurrencies to aid in bankruptcy endeavors. The appointment of Andrew Small, a former police investigator, is aimed at overseeing criminal cases involving digital currencies.

In the past five years, the number of bankruptcy cases recognizing cryptocurrencies as recoverable assets has increased by 420%, with the reported value of involved crypto assets rising to approximately £520,000 ($700,000).

“Crypto is indeed a recoverable asset. My expertise will be invaluable to the agency in understanding the various types of cryptoassets and the technology required to manage them,” Small stated.
Translation: “Crypto is very much a recoverable asset, and my role will help the agency by providing specialist knowledge about the types of cryptoassets available and the associated technology used to buy, sell and store them.”

The surge in crypto usage among UK residents—a jump from 2.2 million in 2021 to 7 million in 2024—reflects the country’s commitment to adapting its legislative framework for digital assets.