Episode Highlights

• Crypto does “present opportunities for the downright criminal” but those can be limited and law enforcement’s ability to tackle crypto crime has improved.
• In certain countries and among certain populations, crypto is an alternative to fiat––it is a store of value, used to conduct cross-border transfers, and serves as a medium of exchange.
• Most illicit crypto transactions involve centralized crypto entities or exchanges that lack strong know-your-customer (KYC) and anti-money laundering (AML) policies.
• The decentralized nature of the crypto space necessitates innovative approaches to combat illegal activities. However, its open nature could also limit criminal activity.

Helpful links

• https://decrypt.co/96822/bank-of-england-governor-bailey-sounds-alarm-on-crypto-scams
• https://www.reuters.com/markets/europe/deutsche-bank-263-mln-shareholder-settlement-over-epstein-russian-oligarch-ties-2022-09-23/
• https://beincrypto.com/tethers-2022-settlement-volume-flips-visa-and-mastercard/
• https://go.chainalysis.com/rs/503-FAP-074/images/Crypto-Crime-Report-2022.pdf
• https://www.bou.or.ug/bou/bouwebsite/bouwebsitecontent/MonetaryPolicy/Monetary_Policy_Statements/Monetary-Policy-Statement-for-February-2023.pdf
• https://www.reuters.com/business/argentinas-economic-crisis-whack-a-mole-goes-into-overdrive-2022-06-28/
• https://www.nytimes.com/2022/08/20/world/americas/argentina-cryptocurrency-value.html