The European agency Europol has consulted with 16 crypto-bourses to discuss possible security measures facing the growing threat of crime in the cryptocurrency industry.
A fight against cybercrime
The rise of cryptocurrencies contributes to the rise of cybercrime . A conference organized this week by the European police agency Europol brought together lawmakers and professionals from the cryptocurrency industry to establish new solutions against "the misuse of virtual currencies resulting from illegal activities. "
Crypto-currencies are often associated with money laundering, terrorist financing and the illegal trade of illegal products on the Darknet .
In addition, the conference highlights the solutions for which the European Union (EU) police could establish. Anonymous transactions using privacy-based crypto-currencies - such as Monero, Dash, Zcash, Bitcoin Private and Verge - should be tracked by the authority.
Although law enforcement agencies were limited in terms of cyber-protection, the situation could change in the future. Crypto-scholarships have so far taken the initiative to ensure that the KYC and AML procedures are followed.
"Regulators will now be able to take part," stresses Europol.
Changes in response to the Europol conference
The Director General of Europol estimates that more than 4% of crime-related products in Europe use cryptocurrencies this year, which is a considerable increase over previous years. In this case, the EU needs to take more drastic measures.The process of registering users on cryptocurrency trading platforms may be stricter in the coming months. Although there has been no hint of crypto-currency based on confidentiality for now, the fierce battle against criminals using virtual currencies in the EU has begun .
However, criminal activity associated with cryptocurrencies is only a small part of the industry's concerns. International agencies are focusing more on the millions of dollars handled in crypto markets. The Bitcoin community and altcoins suffer a lot of computer hacking crypto-purses , phishing scams hijacking millions of dollars a day.
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