A group of industry professionals have launched the ‘Crypto Fraud and Asset Recovery’ (CFAAR) network to develop shared best practices in this area.
The group, which is consisted of lawyers, barristers, forensic accountants, corporate intelligence and asset recovery experts, is also aiming for the group to place the UK and common law jurisdictions at centre stage for global crypto dispute resolution.
Read more: Crypto loan exchange raises $4m
CFAAR said there is a need for the industry to respond with a joined-up approach that provides victims of crypto fraud with redress.
The group’s founding members are Asset Reality, Essex Court Chambers, Grant Thornton, Osborne Clarke, Rahman Ravelli, RPC, Stewarts and Twenty Essex.
These include practitioners leading the first crypto-related disputes before the English courts and those actively involved in pioneering approaches to global crypto fraud investigations, forensics, advocacy and the recovery of cryptoassets.
The network is looking for global crypto professionals to join a community that will host regular meetings, seminars, roundtables, conferences and social events to develop ideas, skills and give a voice on judicial and regulatory reviews and consultations.
Demand for cryptocurrencies is growing with research from UK money-based app and crypto platform Ziglu showing that one in 10 UK adults currently own cryptocurrencies and 11 per cent are considering buying some for the first time over the next 12 months.