Chainalysis
October 2, 2024
Chainalysis Unicorn News - October 02, 2024
A new report highlights a significant decrease in illicit activities within crypto transactions, with only 0.34% flagged as potentially illicit in 2023. This marks an improvement from the previous year and underscores the effectiveness of regulatory measures in the crypto space.
() Introduction
() Exclusive Report Reveals Low Illicit Activity in Crypto Transactions in 2023
A recent report by the Crypto Information Sharing and Analysis Center and Merkle Science has highlighted the decreasing trend of illicit activities within the cryptocurrency sector, emphasizing the role of blockchain technology in mitigating financial crimes. The report indicates that only 0.34% of total on-chain cryptocurrency transaction volumes were flagged as potentially illicit in 2023, down from 0.42% in 2022. This data, provided by Chainalysis, suggests that the incidence of illicit activities in crypto transactions is significantly lower than in traditional financial systems, where an estimated 2% to 5% of global GDP is involved in money laundering annually. The report attributes this decline to the effective implementation of know-your-customer (KYC) and anti-money-laundering (AML) regulations by crypto exchanges, particularly in the United States. These measures help de-anonymize transactions, thereby enhancing the transparency and security of blockchain technology. As a result, blockchain is increasingly being recognized as a valuable tool for law enforcement agencies in their efforts to combat illicit finance, offering a more secure and transparent alternative to traditional financial systems.
Sources
1 https://fortune.com/crypto/2024/10/02/exclusive-criminals-prefer-cash-to-crypto-new-report-finds/
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