At the Munich Security Conference, there was a discussion about regulation and cyber criminal activity in the cryptocurrencies.
European Union Commissioner for Home Affairs said that the European Union is open to digital assets in the presence of fraud prevention regulation.
The CEO of FTX, Sam Bankman-Fried, and the founder of the Crypto Asset Group attended the conference. International security policy is addressed at the conference. Western plans to counter the amassing of Russian troops on the Ukraine border and the battle against climate change were two major issues discussed at the conference. It was also part of the discussion.
In order to prevent criminals and terrorists from taking advantage of the anonymity digital currencies provide, we need to regulate them in a proper manner. By her statement, she explained that they disagreed with China’s stance. There isn’t a ban on proof-of-work mining in Europe at the moment.
Crypto industry heavyweights weigh in
Bankman-Fried said that criminals can use Cryptocurrencies and that digital currency exchanges have better oversight procedures.
Angermayer did not pull his punches. Billions of people are left out in the cold because of conventional banking institutions. The CEO said they usually protect their own interests. He thought that the unbanked billions in the world could be helped by the emergence of cryptocurrencies.
According to the DAG, there is a beefing up of crime
Attorney General Lisa O. Monaco is a deputy Attorney General. Monaco spoke at the conference as well. She said that the Federal Bureau of Investigation is looking into the cases. The Task Force was created to deal with Ransomware and Digital Extortion. The FBI seized more than two million dollars in the wake of the attack. The FBI has formed a team that will operate in space. The group is known as the Virtual Asset Exploitation Unit. The FBI will be gathering experts to use equipment, analysis, and training. The National Cryptocurrency Enforcement Team will work with the unit. Money laundering, computer crimes, forfeiture, and regulatory policy are some of the topics covered by the NCET prosecutors. There are dozens of prosecutors on the team, some of whom helped seize $3.6B from the Bitfinex hack.
The international virtual currency initiative was announced by Monaco. This will allow for international law enforcement collaboration.
Featured photo source pexels.com
