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UK Set to Ban Cold Calls Selling Financial Products, Including Crypto
The move is part of Prime Minister Rishi Sunak's strategy to tackle financial fraud in the country.
The U.K. government is set to ban cold calls to sell financial products including crypto, according to a Wednesday announcement.
Fraud makes up over 40% of crime in the country, and costs the U.K. government 7 billion British pounds (US$8.8 billion) a year, U.K. Prime Minister Rishi Sunak said in the statement. The country wants to crack down on fraud and scams, and is setting up a National Fraud Squad to tackle related crime with 400 new posts.
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"We will ban cold calls on all financial products, so that anyone who receives calls trying to sell them products such as cryptocurrency schemes or insurance will know it’s a scam," Sunak said.
The reported value of U.K. cryptocurrency fraud climbed 32% to 226 million pounds ($283 million) in the year ending in September 2022.
The U.K. wants to clamp down on crypto used for crime and has been debating the Economic Crime and Corporate Transparency Bill, which will help law enforcement agencies seize and freeze crypto used for crime. Police have officers stationed nationwide to help investigate crypto-related crime.
Read more: UK Crypto Promotions Laws Hoped to Be in Place by Late 2023
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
