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Combating financial crimes : how are crypto-asset providers navigating regulatory challenges?
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2600-271X
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EUI; STG; Policy Brief; 2025/04
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ISMAIL, Huda, Combating financial crimes : how are crypto-asset providers navigating regulatory challenges?, EUI, STG, Policy Brief, 2025/04 - https://hdl.handle.net/1814/78075
Abstract
While cryptocurrencies are seen by some as a "get-rich-quick" tool, they are increasingly stigmatised as a medium for illicit transactions. Recent statistics reveal a significant rise in cryptocurrency platform hacks, with stolen funds surging 21% from the previous year to reach $2.2 billion in 2024. Crimes such as fraud, scams, organized crime, and money laundering are frequently linked to cryptocurrency trading platforms. These platforms, legally recognised as Crypto Asset Service Providers (CASPs), have become a focal point for intense regulatory scrutiny worldwide. As a result, many CASPs face substantial challenges in keeping up with rapidly evolving regulatory frameworks as well as operational and technological advancements. This policy brief examines the regulatory challenges CASPs face in combating financial crimes while fostering innovation. It emphasizes the critical need for collaboration between regulators and CASPs. By tackling these issues, the brief offers recommendations to establish a robust regulatory framework that mitigates risks of financial crime, builds trust, and supports innovation within the digital currency ecosystem.
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Published online: February 2025