ChainCatcher news, reported by Cointelegraph, Cifas CEO Mike Haley pointed out that in 2024, the amount of cryptocurrency fraud will reach $9.9 billion, with 90% of UK crypto applications failing anti-money laundering checks. Experts suggest that the crypto industry should emulate the traditional finance sector by establishing cross-industry data sharing mechanisms to tackle the increasingly severe fraud problem.

The UK's Information Commissioner's Office recently clarified that data protection should not be an obstacle to combating fraud. With the introduction of the Data Use and Access Act 2025, the UK is creating a favorable policy environment for data sharing in the crypto industry.