Regulators lag amid escalation of crypto fraud

The call for regulation of the crypto arena is “ubiquitous”, but legislators and supervisors are struggling to respond apace with emerging asset classes as well as the ramp-up of criminal activity. Bambos Tsiattalou reports.

Bambos Tsiattalou is a partner at Stokoe Partnership Solicitors (www.stokoepartnership.com) where he specialises in cases involving money laundering, confiscation, civil recovery and extradition matters.

The only thing that can be accurately predicted about the future price movements of different cryptocurrencies is their unpredictability. Neither can anyone predict precisely who might use them to commit crimes: anyone who does might well attract significant attention from law enforcement authorities. But some predictions can be made with a degree of certainty. By examining recent trends in how cryptoassets have been used to fund criminal activities, it is possible to make reasonable predictions about what response might be anticipated – specifically, what could happen with reference to regulation, compliance and enforcement.