According to an announcement made on Wednesday, the U.K. Government is planning to ban calls to cold numbers for selling financial products such as crypto.

In a statement, U.K. Premier Rishi Sunak stated that fraud accounts for over 40% of all crime committed in the UK and costs the government 8 billion British pounds ($8.8 billion USD) per year. The UK wants to take action against fraud and scams and has created a National Fraud Squad with 400 new positions to combat the crime.

Sunak stated that “we will ban cold calling on all financial products so that anyone receiving calls attempting to sell them products like cryptocurrency schemes or insurance products will know they are scams.”

The reported values for U.K. crypto fraud increased 32% in the year ending September 2022 to 226 millions pounds ($283million).

The U.K. is trying to crack down on the use of crypto for criminal activity. They have been discussing the Economic Crime and Corporate Transparency Bill which will allow law enforcement agencies to seize and freeze cryptocurrency used in crime. The police have officers in every state to assist with investigating crypto-related crimes.

Read more about UK Crypto Promotions Laws that are hoped to be in place by late 2023

Sandali Handagama is the editor.