Commissioner for Home Affairs under European Union stated that the EU is welcoming crypto in a fraud-shielding regulation’s presence. The commissioner voiced on 19th February at the Munich Security Conference – also attended by the Crypto Asset Group’s co-founder Christian Angermayer as well as the FTX’s CEO Sam Bankman-Fried. The respective conference takes place on yearly basis in Munich to discuss the policy over international security.
Western strategy to handle the deployment of Russian forces on the Ukrainian border, as well as the fight against climate change, emerged as two important matters that the members discussed in the conference. The discussion also took account of cryptocurrency. Johansson mentioned that he was not against digital assets, however, there is a requirement for their adequate regulation to stop terrorists as well as criminals from being benefitted by the anonymity provided by the crypto assets.
Crypto outcompetes conventional banking
In her words, Johansson disagreed with the stance taken on the behalf of China. Even though a few of the regulators from Switzerland are pursuing to prohibit proof-of-work-based mining of crypto, no imminent prohibition has yet been implemented in Europe. It was acknowledged by Bankman-Fried that criminals have the potential to utilize crypto. In his view, the oversight procedures have been fortified by the crypto exchanges.
Angermayer considers that the traditional banking organizations frequently abandon numerous people in distress. They do so, he added, to protect their interests without bothering about the consumers. The CEO also suggested that the billions of people who have been unbanked across the globe could get assistance with the utilization of blockchain technologies that provide a basis for cryptocurrencies.
Fight against crypto crime is growing, says DAG
Lisa O. Monaco – the Deputy Attorney General – also commented at the respective conference. She pointed out that the FBI (Federal Bureau of Investigation) is working on Ransomware as well as crypto-related abuse. In the previous year, the establishment of the Ransomware and Digital Extortion took place. The FBI confiscated an amount of up to $2.3 million of ransom recompensed after the Colonial Pipeline assault.
The agency is also organizing a group, also known as the VAXU (Virtual Asset Exploitation Unit) to focus on crypto space. The crypto experts will be gathered by the respective FBI unit to utilize the instruments, seize crypto assets, as well as the analyze blockchains.
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