‘We need help’: Workers say shoplifting is ‘out of control’ after surge in brazen thefts

Published

6 months ago

November 20, 2024

admin

A woman casually walks into a convenience store and starts filling a bread crate with goods from one of the aisles.

A shop assistant tries to stop her, but she shrugs him off, undeterred. With the crate now full of items, she leaves without paying.

It is a scenario that is played out day in and day out across Britain, as retailers warn the surge in shoplifting is now “out of control”.

I’m sitting in the security office of a busy city centre shop and I’m watching as a schoolboy walks in and helps himself to a sandwich, stuffing it into his jacket.

Watching with me is shop worker Anton Mavroianu who positions himself by the main entrance waiting for the youngster to leave.

When the boy does leave, Anton demands the item back. Instead of being frozen with fear that he’s been caught, the boy laughs and walks off.

“All we can do is try to stop them,” Anton tells me. “But this is just another day for us.”

A few weeks earlier, when Anton tried to stop a shoplifter who had stolen from the store, the man pulled out a knife and tried to attack him.

This terrifying incident is an example of the very real threat posed to shop workers as they try to stem the tide of brazen thefts.

Shoplifting offences recorded by police in England and Wales have risen to the highest level in 20 years.

The British Retail Consortium (BRC) also reports that theft-related losses cost the retail sector millions each year, adding strain to an industry already grappling with post-pandemic recovery and economic uncertainty.

For small businesses, which lack the resources of larger chains, persistent theft can threaten their very survival.

Ricky Dougall owns a chain of convenience stores and says shoplifting cost his business around £100,000 last year.

“Shoplifting is a huge problem and it is what stops us from growing the business.

“People come in and help themselves like they own the place and when you call the police, most of the time, they don’t turn up.”

Mr Dougall says part of the problem is how this type of crime is classified.

Sentencing guidelines for thefts of under £200, so-called “low level shoplifting”, were relaxed in 2016. That is being blamed for the surge in cases.

An exclusive Sky News and Association of Convenience Stores survey shows that 80% of shopkeepers reported a retail crime within a week in October.

The poll also found 94% of shopkeepers say that in their experience, shoplifting has got worse over the last year, with 83% not confident that the police will take action against the perpetrators of retail crime on their premises.

Paul Cheema from the Association of Convenience Stores says retailers are looking to government to support them.

“I would say officials do not give a s*** about us retailers,” he tells me. “The losses are too big and I don’t think we can sustain that anymore.

“I would urge Keir Starmer to come and meet us and see up close the challenges that we are facing.”

Retailers have responded by investing heavily in security measures, from advanced surveillance systems to hiring more security staff.

But these investments come at a cost, often passed down to consumers through higher prices.

I get chatting to Matt Roberts, head of retail in the store I am in. He worries about shoplifting, but he worries about the staff more.

He says: “I would imagine they dread coming to work because they’re always on tenterhooks wondering whether something is going to happen today, whether they are going to have to try and confront someone.

“It’s a horrible feeling. It’s out of control and we need help.”

The government has acknowledged the urgency of the issue. Home secretary-led discussions with retail associations and law enforcement are under way to craft a comprehensive strategy.

In the King’s Speech, the government outlined details of a Crime and Policing Bill, which promised to “introduce stronger measures to tackle low level shoplifting”, as well as introducing a separate offence for assaulting a shop worker.

Politics

GENIUS Act ‘legitimizes’ stablecoins for global institutional adoption

Published

3 hours ago

May 21, 2025

admin

GENIUS Act ‘legitimizes’ stablecoins for global institutional adoption

Stablecoin adoption among institutions could surge as the United States Senate prepares to debate a key piece of legislation aimed at regulating the sector.

After failing to gain support from key Democrats on May 8, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act passed the US Senate in a 66–32 procedural vote on May 20 and is now heading to a debate on the Senate floor.

The bill seeks to set clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering laws.

“This act doesn’t just regulate stablecoins, it legitimizes them,” said Andrei Grachev, managing partner at DWF Labs and Falcon Finance.

“It sets clear rules, and with clarity comes confidence. That’s what institutions have been waiting for,” Grachev told Cointelegraph during the Chain Reaction daily X spaces show on May 20, adding:

“Stablecoins aren’t a crypto experiment anymore. They’re a better form of money. Faster, simpler, and more transparent than fiat. It’s only a matter of time before they become the default.”

Senate bill seen as path to unified digital system

The GENIUS Act may be the “first step” toward establishing a “unified digital financial system which is borderless, programmable and efficient,” Grachev said, adding:

“When the US moves on stablecoin policy, the world watches.”

Republican Senator Cynthia Lummis, a co-sponsor of the bill, also pointed to Memorial Day as a “fair target” for its potential passage.

Grachev said regulatory clarity alone will not drive institutional adoption. Products offering stable and predictable yield will also be necessary. Falcon Finance is currently developing a synthetic yield-bearing dollar product designed for this market, he noted.

Yield-bearing stablecoins now represent 4.5% of the total stablecoin market after rising to $11 billion in total circulation, Cointelegraph reported on May 21.

GENIUS Act regulatory gaps don’t address offshore stablecoin issuers

Despite broad support for the GENIUS Act, some critics say the legislation does not go far enough. Vugar Usi Zade, the chief operating officer at Bitget exchange, told Cointelegraph that “the bill doesn’t fully address offshore stablecoin issuers like Tether, which continue to play an outsized role in global liquidity.”

He added that US-based issuers will now face “steeper costs,” likely accelerating consolidation across the market and favoring well-resourced players that can meet the new thresholds.

Still, Zade acknowledged that the legislation could bring greater “stability” to regulated offerings, depending on how it is ultimately worded and enforced.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Politics

Hong Kong passes stablecoin bill, set to open licensing by year-end

Published

4 hours ago

May 21, 2025

admin

Hong Kong passes stablecoin bill, set to open licensing by year-end

Hong Kong’s Legislative Council passed the Stablecoin Bill, paving the way for a regulated framework that could position the region as a global leader in digital assets and Web3 development.

In a May 21 post on X, Legislative Council member Johnny Ng Kit-Chong said the bill had passed its third reading, clearing the final hurdle for adoption.

“It is expected that by the end of this year, major institutions will be able to apply to the Hong Kong Monetary Authority to become licensed stablecoin issuers,” Ng said.

According to the new Hong Kong legislation, stablecoins must be backed by fiat currency as underlying assets. Ng said Hong Kong is welcoming “global enterprises and institutions interested in issuing stablecoins to apply in Hong Kong,” offering to personally assist with introductions and collaboration:

“I am also happy to facilitate connections and collaborate with all stakeholders to advance the development of Web3 in Asia and globally, with Hong Kong at the center.“

Hong Kong aims to become a Web3 powerhouse

Ng said the legislation marks the first step on the road toward building Web3 infrastructure in Hong Kong. “The most crucial step is to develop more real-world applications.”

Ng said stablecoin adoption has the potential to drive innovation in retail payments, cross-border trade and peer-to-peer transactions.

He added that he encourages the development and adoption of stablecoins, since “they represent a major financial innovation.” Regarding enhancing market stability, Ng suggested distributing interest earnings to stablecoin holders.

Interest for stablecoin holders

According to Ng, “providing interest will strengthen the competitiveness of stablecoins.” This increased competitiveness, he explained, incentivizes broader participation and expands stablecoin market share, which supports what he views as sustainable growth.

Ng’s remarks that yield-bearing stablecoins are more competitive follow recent positive data. Research indicates that yield-bearing stablecoins have soared to $11 billion in circulation, representing 4.5% of the total stablecoin market, a steep climb from just $1.5 billion and a 1% market share at the start of 2024.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Politics

Bitcoin Suisse eyes UAE expansion with regulatory nod in Abu Dhabi

Published

7 hours ago

May 21, 2025

admin

Bitcoin Suisse eyes UAE expansion with regulatory nod in Abu Dhabi

Bitcoin Suisse secured an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), marking a major step in the Swiss crypto firm’s expansion beyond the European Union.

The Swiss crypto financial service provider received the in-principle approval through its subsidiary BTCS (Middle East), according to a May 21 news release.

The IPA is a precursor to a full financial services license, which would allow Bitcoin Suisse to provide regulated crypto financial services such as digital asset trading, crypto securities and derivatives offerings, as well as custody solutions.

The approval reflects the firm’s “strong commitment to maintaining the highest standards of transparency, security, and regulatory compliance,” according to Ceyda Majcen, head of global expansion and designated senior executive officer of BTCS (Middle East).

“Abu Dhabi, one of the Middle East’s fastest-growing financial centers, presents a compelling opportunity for growth. We look forward to working closely with the FSRA to obtain our full license,” Majcen wrote in a May 21 X announcement.

This marks Bitcoin Suisse’s first expansion outside of the European Union.

Founded in 2013, Bitcoin Suisse played a significant role in developing the country’s crypto ecosystem and has been a key contributor to Switzerland’s Crypto Valley, a Switzerland-based blockchain ecosystem valued at more than $500 billion.

Crypto firms bet on Middle East as next global crypto hub

Increasingly more crypto firms are expanding into the Middle East, seeing the region as the next potential global crypto hub due to its business-friendly regulatory licensing environment.

On April 29, Circle, the issuer of the world’s second-largest stablecoin, USDC (USDC), received an in-principle approval from the FSRA, moving one step closer to the full license to become a regulated money service provider in the United Arab Emirates.

A day earlier, the Stacks Asia DLT Foundation partnered with ADGM, becoming the first Bitcoin-based organization to establish an official presence in the Middle East, Cointelegraph reported on April 28.

As part of the partnership, the Stacks Foundation aims to advance progressive regulatory frameworks in the Middle East.

“We’re not just focused locally — our team is engaged in global conversations, advocating for frameworks that balance decentralization, security, innovation, and compliance surrounding the unlocking of Bitcoin capital,” Kyle Ellicott, executive director at Stacks Asia DLT Foundation, told Cointelegraph.

The foundation is also developing the Bitcoin Capital Activation Framework, described as a comprehensive policy blueprint to help regulators enable Bitcoin utility in their jurisdictions.