Britain to ban cold calls for cryptocurrency advertising

In a bid to combat fraud and cybercrime in the United Kingdom, cold calls used in selling financial products, including cryptocurrencies, will be banned. The report comes from Bloomberg.

Annual losses to the state from such illicit practices are estimated at £7 billion (~$8.7 billion). Fraud is the most common crime in the United Kingdom, with one in 15 people affected.

Under the plan from the Cabinet Office, 400 specialists are expected to be recruited, tasked with combating mass spamming and spoofing.

The United Kingdom’s telecom regulator will provide technology that makes it harder for criminals to use ‘real’ phone numbers.

The government intends to enact laws that guarantee victims’ recovery of stolen funds from banks that allowed the theft.

“We will take on the criminals wherever they hide,” said in a statement by the country’s prime minister, Rishi Sunak.

Earlier in March, British authorities unveiled a three-year Economic Crime Plan. It provides for measures to strengthen countermeasures against the use of cryptocurrencies for criminal purposes.

Earlier the Financial Conduct Authority and the Advertising Standards Authority of the United Kingdom joined forces to create a single set of rules for influencers promoting digital assets.