The UK Crown Prosecution Service (CPS) has initiated legal proceedings against a law enforcement officer accused of embezzling 50 Bitcoin (BTC) in 2017. This news emerges as the UK Government continues its push to establish a regulatory framework for cryptocurrencies.
National Crime Agency Officer Faces Prison for £60,000 Bitcoin Theft
In a recent announcement, Malcolm McHaffie, Head of the CPS Special Crimes Division, revealed that National Crime Agency (NCA) officer Paul Chowles has been indicted for allegedly misappropriating crypto assets valued at £60,000 ($75,000).
Chowles, a 42-year-old resident of Bristol, faces accusations from Merseyside Police for unlawfully obtaining 50 Bitcoin during an investigation into online organized crime back in 2017. Due to the fluctuating nature of the BTC market, the amount of 50 BTC is now assessed at £3.2 million ($4.2 million).
McHaffie stated that Chowles now faces 15 criminal charges related to this matter and is scheduled to appear at the Liverpool Magistrates’ Court on 25 April 2025.
The CPS Division Chief mentioned:
Mr. Chowles, 42, is set to be charged with 11 counts of concealing, disguising, or converting criminal property, three counts of acquiring, using, or possessing criminal property, and a single count of theft. The Crown Prosecution Service reminds everyone that criminal proceedings against this individual are currently active and he is entitled to a fair trial. It is crucial that there is no reporting, commentary, or sharing of information online that could prejudge these proceedings.
Under UK law, each count related to money laundering, such as concealing, disguising, or converting criminal property, could lead to a maximum sentence of 14 years in prison. Likewise, acquiring, using, or possessing criminal property is also punishable by up to 14 years. In contrast, a conviction for theft could result in a maximum of seven years in prison.
Thus, if found guilty of the charges brought against him, Chowles could potentially face sentences totaling over 200 years. However, this is unlikely, as typical rulings favor concurrent sentencing.
UK Set to Launch Consultation on Stablecoins
In other developments, the UK Financial Conduct Authority (FCA) is anticipated to publish consultation documents regarding stablecoin regulations prior to Q1 2025, as part of its cryptocurrency policy roadmap unveiled in 2024. This initiative aims to gather insights on stablecoin aspects, including redemption and asset backing, as the HM Treasury prepares to introduce new regulated activities for fixed digital assets.
During this period, the FCA will also issue discussion papers addressing key topics such as lending, trading platforms, and staking, as the UK moves towards formulating a regulatory framework for cryptocurrencies, set to be implemented in 2026.
As of this writing, Bitcoin was valued at $84,391, reflecting a 4.30% increase over the last day.
Featured image from iStock, chart from Tradingview
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