Law

Ukrainian cryptocurrency market is under-regulated and therefore attractive for those wishing to take advantage of it for criminal purposes. Recently, law enforcers exposed a gang that has laundered about $42 million using cryptocurrency.

The US law enforcers go on with their campaign against terrorism financing. Now, they have blocked and confiscated around $2 million worth in cryptocurrency from accounts allegedly involved in terrorism financing.

Australia passes the first sentence related to cryptocurrency theft, proving that law enforcement is gearing up to govern the digital currency and blockchain industry.

The COVID-19 pandemic and global economic crisis triggered the increase in illegal activity related to cryptocurrency. However, law enforcers also keep themselves busy to fight the growth and put as many criminals behind bars as possible.

Officers of the Cybersecurity Department of Latvian Police exposed the activity of an organized gang of cybercriminals. During the operation, the law enforcers confiscated cash and cryptocurrency in the amount exceeding 110,000 Euro.

The US Senate adopted new legislation allowing law enforcement agencies to access encrypted data. Such provisions would complicate the operation of the cryptocurrency industry within the country, forcing businesses to go offshore.

Cryptocurrency exchanges actively apply KYC regulations to pressure darknet entrepreneurs. Despite the reduction of cryptocurrency transactions on the darknet, criminals are still active in their shadow industry.

Protecting gadgets, networks and information from clever hackers has been a critical issue since the very appearance of digital technologies. Now, when the pandemic of COVID-19 forced entire countries to isolate themselves, the industry became even more vulnerable, thus showing the need for new solutions.

The Russian Ministry of Economics criticized the recent law on digital assets adopted by the State Duma. It practically bans the use of cryptocurrency within the country, however, such an attitude might cause Russia huge losses.