As the crypto regulatory landscape evolves, a group of law firms in London has come together to launch a global crypto frauds network thereby putting the U.K. at the centre stage of handling global disputes in the crypto industry.
Dubbed as the Crypto Fraud and Asset Recovery, or CFAAR network, it includes practitioners handling some of the early crypto-related disputes in the British court system. As per Financial News, it includes names like Essex Court Chambers, Asset Reality, Osborne Clark, RPC, Stewarts and Twenty Essex.
With the rapid growth of the crypto industry, crypto-related frauds such as thefts, ICOs, and ransomware attacks have increased significantly. Besides, the crypto phishing attackers have also attained scalability and sophistication. Thus, a legal framework that can effectively respond to such frauds is in demand. These legal services can further help the victims of such frauds.
The CFAAR network looks to expand its footprint on a global sphere. It aims to become an inclusive community hosting seminars, regular meetings, conferences, roundtables, etc. It will also host other social events providing opportunities for developing ideas, skills, and networking globally.
The CFAAR network seeks to become an authoritative voice for crypto-related judicial and regulatory reviews and consultations. Speaking about the CFAAR network launch, CFAAR’s launch, former Justice of the UK Supreme Court said:
“Where there is innovation, criminals are not far behind. The latest example is crypto fraud. Criminal enforcement is not a sufficient remedy for victims. The professions have to arm themselves to help clients who have been the victims of fraudsters who offer unbelievable returns in fake offerings, or who create false cryptoassets and false exchanges, and then hide the proceeds of crime through complex webs.
“London has long been a pre-eminent financial and professional centre, but unfortunately it may also be turning into a centre for international financial crime. CFAAR is uniquely placed to build networks to develop remedies to prevent exploitation and to assist victims,” he further added.
