The Hague recognizes cryptocurrencies as a tool for fighting crime

In The Hague, the sixth Global Conference on Criminal Finance and Cryptocurrencies raised the issue of fighting organized crime. The participants included European regulators, law enforcement agencies, representatives of Binance exchange and analytical companies Chainalysis, CypherTrace, and TRM Labs.

Market experts have recognized that the spread of cryptocurrencies contributes to the emergence of new forms of crime. Criminals use digital assets in drug smuggling, match-fixing, financing the production and purchase of weapons, and money laundering.

Europol expects that the new draft law on cryptocurrency regulation, MiCA, agreed by the EU authorities will strengthen control over the cryptocurrency market — the developed rules will require crypto exchanges to collect and store information identifying transaction participants, as well as to transfer this data to the authorities as soon as the need arises. European law enforcement officials have noted that equating cryptocurrencies with traditional assets from a legal point of view will greatly simplify the confiscation, management, and conversion of digital assets into fiat.

Collaboration is key when it comes to investigating & prosecuting crypto-enabled crimes & money laundering.

To increase this cross-sectoral approach, Europol organized the 6th annual Global Conference on Criminal Finance & Cryptocurrencies #6CRC.

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— Europol (@Europol) September 2, 2022

The International Monetary Fund also expresses concern about the cryptocurrency market. According to the agency, digital currencies have evolved from niche products to payment instruments and speculative investments. This, experts believe, necessitates comprehensive and thorough regulation of the cryptocurrency industry.