Europol Sees in Cryptocurrency and Blockchain Technologies Tools to Tackle Crime

Europol Sees Tools to Address Crime in Cryptocurrency and Blockchain Technologies – Blockchain Bitcoin News

Abuse expands with use in the case of cryptocurrency, Europol acknowledged while also noting that blockchain technologies offer authorities a new opportunity to fight crime. Europe’s law enforcement agency also says it can help investigate money laundering networks.

Europol says understanding cryptocurrency is vital to tackle organized crime

The increased use of cryptocurrencies across borders and industries comes with increased abuse, new forms of crime and money laundering, the European Union’s Law Enforcement Cooperation Agency (Europol) after a recent meeting with crypto experts, financial investigators, regulators, and business representatives.

The Sixth Global Conference on Criminal Finance and Cryptocurrency was recently held at the agency’s headquarters in the Netherlands. The two-day event was supported by the Basel Institute on Governance through the Joint Working Group on Criminal Finance and Cryptocurrency, and was intended to enhance cooperation between parties involved in the investigation and prosecution of crypto-related crimes.

Europol Sees Tools to Address Crime in Cryptocurrency and Blockchain Technologies

Speakers also noted that when the right tools are used, blockchain technologies can “provide an unprecedented opportunity to investigate organized crime and money laundering networks and recover stolen funds,” according to Europol in a press release. She stressed that increased understanding and capacity in the field of cryptography is vital to countering crime and illegal money laundering.

Europol notes that law enforcement, regulators, and the private sector are working hard to stay ahead of those trying to misuse crypto assets. The agency highlighted the tightening of EU legislation, with upcoming rules designed to ensure digital currencies like bitcoin receive the same treatment as other assets in the context of preventing money laundering. The police authority added that this also facilitates the seizure and management of crypto funds.

Europol further noted that investigators are taking advantage of blockchain-based technology to follow the flow of funds, which has allowed them to identify not only fraudsters and hackers but also to expose more “traditional” criminal groups and money laundering networks. “Private firms are rapidly innovating to provide the tools and analytical capacity to track money laundered across multiple blockchains using various obfuscation techniques,” the agency said.

The latest edition of Europol’s crypto conference was attended by more than 1,700 participants from 119 countries with speakers representing EU institutions such as the European Parliament and crypto service providers such as Binance, the world’s leading digital asset exchange, blockchain forensics and asset recovery firms, including Chainalysis, along with law enforcement officials from a number of European countries and other countries such as the United States and South Korea.

The event follows important developments towards the regulation of the crypto space in Europe. This summer, major institutions in the European Union and member states struck a deal on the Regulatory Package for Markets in Crypto Assets (MiCA) after reaching an agreement to adopt a set of anti-money laundering rules for cryptocurrency transactions.

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Blockchain, Blockchain Technologies, Conference, Crime, Crypto, Cryptocurrencies, Cryptocurrency, European Union, Europe, Europol, Investigators, Law Enforcement, Money Laundering, Organized Crime, Police

Do you think the EU authorities will expand the use of blockchain technologies for law enforcement purposes? Share your thoughts on the topic in the comments section below.

Lubomir Tasev

Lubomir Tasev is an Eastern European technologist who likes to quote Hitchens: “Being a writer is what I am, not what I do.” Besides crypto, blockchain, and fintech, international politics and economics are two other sources of inspiration.

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