Swiss-based Think Tank issued its thoughts to control the illegal activities associated with the crypto & blockchain market.
Crypto adoption surging rapidly and this is further resulting in huge issues for the innocent newcomers, because of lack of awareness about crypto. The majority of the bad actors are taking advantage of the lack of awareness & education on crypto among the crypto investors. These things are continuously increasing pressure on government agencies to combat such illegal activities with renewed rules and regulations.
This week, the Basel Institute of Governance and the International Academy of Financial Crime Litigators published its research & investigation papers on the issues related to cryptocurrency scams.
Through the released paper, the institute tried to suggest the jurisdictions to work closely with the regulatory bodies of all other countries, to work with a better approach to regulate the crypto industry perfectly & kick out bad actors easily.
The research paper suggested to crypto investors remain aware of the illegal activities associated with crypto and also suggested getting educated about crypto & blockchain before investment. In particular, the paper suggested learning the bad actors’ illegal techniques which are common in this industry.
This research paper also quoted the statement of U.S. Financial Crimes Enforcement Network (FinCEN) acting director Him Das, who said that current existing laws, rules, and techniques are not enough to handle the regulation of this crypto industry perfectly.
Experts also pointed out the issues with the regulatory framework of highly advanced countries. In particular, experts noted that anti-money laundering laws of the UK are 20 years old, which is not enough to fit with the crypto industry.
These things are clear hint that crypto industry is still in the intial phase and here these things are raising questions on regualtory approach of the government agencies, in absence or partial modern rules.