Crypto Fraud Losses Are Increasing In UK

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In this post, I am going to share data from a national reporting agency and this data is shocking. It shows £300mn in losses over the past year which is huge. This is happening first time in history which is why it is a concerning thing. Do you remember, FTX collapse? If yes then this data is triggered by that fraud. So that means FTX also impacted the united kingdom.


It increased by 40% and the previous year show £216.5mn losses in cryptocurrency fraud. UK fraud agencies trying to decrease them but instead of this, it is increasing. Maybe this year or the next year we can see some changes or decreasement because the big company collapse will decrease in the bull season.


Other Countries Are Also Facing Crypto Frauds


Losses from crypto fraud continue to grow and this is not just in the UK but also in many countries. Recently, I shared a post regarding Indian p2p frauds and there are more than a thousand cases registered for this fraud. Recently, a new draft proposal has been created to regulate crypto. sadly, they want to regulate crypto in a gambling way because of high volatility.


This type of regulation just harms the crypto industry. This is still a small market and that is why volatility is obvious. But the technology is overcoming the volatility and you have to see this positive thing in crypto. If you think that the UK government does not aware of the technology then you are wrong in the end crypto is a threat to the banks and government because crypto support decentralization. So these are just excuses to decrease the influence of crypto.


Regulation Will Stop The Fraudulent Activities?


If you compare the fraud in cryptocurrency and fraud in fiat currency then obviously fiat currency is far ahead. Why? Fiat is not regulated? So if you are thinking that after the regulation the frauds and scams are going to end completely then you are wrong here. But many crypto people support it because they believe that regulation of crypto will impact positively people's minds so more people will join the crypto. Somewhere, it is true. But harsh regulation will kill the industry instead of growing.


On this side, India is also planning to regulate cryptocurrency and asking for the support of other countries. And I have full doubt that they will treat crypto as gambling in regulation. If they were positive about the crypto then they could not apply 30% crypto tax and 1% TDS. They will continue this way and in case if they regulate crypto then the gambling rules will apply to crypto and the taxes will remain the same. This is the reality and you have to accept it. Don't forget to share and reblog this post.


Thank you, everyone.


Lucky Ali


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185300304_441507187470261_6630906744872723300_n-removebg-preview.pngHi I am lucky ali from gujarat, india. I am crypto enthusiast, blogger and SEO developer. I always interested to learn new things and getting new experience. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥

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