Combating financial crimes : how are crypto-asset providers navigating regulatory challenges?

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dc.contributor.authorISMAIL, Huda
dc.date.accessioned2025-02-19T10:20:23Z
dc.date.available2025-02-19T10:20:23Z
dc.date.issued2025
dc.descriptionPublished online: February 2025en
dc.description.abstractWhile 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.en
dc.format.mimetypeapplication/pdf
dc.identifier.doi10.2870/2928792
dc.identifier.isbn9789294666475
dc.identifier.issn2600-271X
dc.identifier.urihttps://hdl.handle.net/1814/78075
dc.language.isoen
dc.orcid.uploadTRUE*
dc.publisherEuropean University Instituteen
dc.relation.ispartofseriesEUIen
dc.relation.ispartofseriesSTGen
dc.relation.ispartofseriesPolicy Briefen
dc.relation.ispartofseries2025/04en
dc.rightsinfo:eu-repo/semantics/openAccessen
dc.rights.licenseAttribution 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/*
dc.titleCombating financial crimes : how are crypto-asset providers navigating regulatory challenges?en
dc.typeOtheren
dspace.entity.typePublication
eui.subscribe.skiptrue
person.identifier.orcid0009-0004-9414-225X
person.identifier.other55835
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relation.isAuthorOfPublication.latestForDiscovery0dba3cae-53ad-41e4-b51e-c4207154c95d
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