‘Crypto' Currencies And Crime: Breaking The Link?

Ensuring transparency amid virtual currency tsunami

New anti-money laundering law strengthens ways of monitoring crypto-assets

During the last few years we have witnessed the growing popularity of 'virtual' or 'crypto' currencies. Today, we could even say that their use has become a trend, as many individuals can buy virtual currencies through various platforms and applications by simply using their smartphones, while at the same time watching their favourite TV show.

The procedure is usually simple and swift with very limited identification requirements. The use of virtual currencies, though, conceals the danger of the anonymity or pseudo-anonymity that characterises them. Criminals can take advantage of this anonymity by using crypto currencies to transfer illicit funds into the financial system, achieving their integration in the market and/or the financing of terrorist organisations. To paint the general picture of the scale of such misuse, the crypto