Money Laundering And Terror Financing Biggest Crypto Crime Concerns: Nirmala Sitharaman
2 years, 8 months ago

Money Laundering And Terror Financing Biggest Crypto Crime Concerns: Nirmala Sitharaman

News 18  

Union minister of finance Nirmala Sitharaman recently said that the biggest risk of cryptocurrency in the midst of the pioneering fintech revolution is money laundering and its use to finance terrorism. Crypto And Crimes Money laundering is one of the most common crimes in the crypto sector, with cases increasing by over 30 per cent between 2020 and 2021, according to Chainalysis’s 2022 Crypto Crime Report. In the case of India, Pankaj Chaudhary, minister of state for finance, said in March that the Centre is aware of cybercriminals using digital assets for money laundering. Sitharaman’s comments come several weeks after India imposed a 30 per cent tax on digital assets in an attempt to discourage investors from trading bitcoin.

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History of this topic

Government Must Establish Whitelist to Curb Money Laundering in Online Gaming
1 month, 4 weeks ago

Government Must Establish Whitelist to Curb Money Laundering in Online Gaming

The Hindu  

The Digital India Foundation (DIF) has released a report recommending the government establish a whitelist of compliant gaming companies to ensure that payment gateways and ISPs serve only the listed operators. The report also suggests stringent KYC practices, action against misleading advertisements, and a clamp down on illegal operators.

Cryptocurrency and Offshore Betting: A Money Laundering Threat in the Online Gaming Ecosystem
2 months ago

Cryptocurrency and Offshore Betting: A Money Laundering Threat in the Online Gaming Ecosystem

New Indian Express  

Online gaming faces a significant threat from money laundering due to the use of cryptocurrencies and offshore betting platforms. The report highlights the increasing adoption of digital currencies like Bitcoin and Ether for in-game transactions, resulting in an upsurge in money laundering and fraud. Financial institutions must enhance their anti-money laundering (AML) systems to prevent the use of mule accounts …

Book Review: Mitali Mukherjee’s ‘Crypto Crimes’ makes a compelling case for regulating cryptocurrency
6 months, 1 week ago

Book Review: Mitali Mukherjee’s ‘Crypto Crimes’ makes a compelling case for regulating cryptocurrency

The Hindu  

Published : Jun 12, 2024 11:00 IST - 6 MINS READ Cryptocurrency is accessible anywhere. Mitali Mukherjee’s book Crypto Crimes deals with this alluring asset class that has the potential to exist beyond the reaches of governments and conventional financial institutions or at least dodge easy scrutiny by governments. Crypto Crimes: Inside India’s Best-Kept Secret By Mitali Mukherjee HarperCollins India …

$7 billion in illicit funds laundered across multiple blockchains in 2023: Report
1 year, 2 months ago

$7 billion in illicit funds laundered across multiple blockchains in 2023: Report

The Hindu  

Illicit or high-risk crypto-asset funds worth around $7 billion have been laundered via conversions across multiple blockchains, said the cryptocurrency analytics platform Elliptic in its October report. Elliptic had predicted that only $6.5 billion in illicit or high-risk funds would be laundered across blockchains by the end of the year. The company also pointed out that many decentralised finance services …

Crypto Is For Criminals? No Real-World Use? 5 Myths About Cryptocurrencies Busted
1 year, 2 months ago

Crypto Is For Criminals? No Real-World Use? 5 Myths About Cryptocurrencies Busted

ABP News  

Cryptocurrencies have been experiencing remarkable growth over the past decade. Myth 1: Cryptocurrency Is For Criminals The perception that cryptocurrencies are primarily used by criminals often arises due to the anonymity they offer. While short-term price swings may be unpredictable, many long-term investors see the potential for substantial returns in the future as cryptocurrencies gain wider acceptance and adoption. Myth …

Explained | Why is crypto trade within PMLA ambit?
1 year, 9 months ago

Explained | Why is crypto trade within PMLA ambit?

The Hindu  

The story so far: On March 7, to further tighten the loosely regulated crypto market, the Finance Ministry said that all virtual digital assets will come within the ambit of the Prevention of Money Laundering Act, 2002. Editorial | Belated, but essential: On bringing all trade in virtual digital assets under the PMLA In July 2022, Union Minister of State …

A critical move on crypto trade
1 year, 9 months ago

A critical move on crypto trade

Hindustan Times  

India this week tweaked rules against money laundering to cover trade in cryptocurrencies, such as Bitcoin and Ethereum. The department of revenue issued a notification outlining new definitions to cover five specific scenarios: When cryptocurrency and fiat money is exchanged; when one form of crypto is exchanged with another; if such coins are transferred; the storing of virtual digital assets; …

Money laundering law to apply to crypto trade: Finance Ministry
1 year, 9 months ago

Money laundering law to apply to crypto trade: Finance Ministry

The Hindu  

The government has imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. The notification said, “Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual …

Money laundering laws will now cover cryptocurrency trade
1 year, 9 months ago

Money laundering laws will now cover cryptocurrency trade

The Hindu  

The government has imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. The notification said, "Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual …

Explained | What is the crypto awareness campaign?
1 year, 11 months ago

Explained | What is the crypto awareness campaign?

The Hindu  

The story so far: The Investor Education and Protection Fund will launch an outreach programme soon to create awareness of cryptocurrencies and online gaming. People may presume incorrectly that it is illegal,” he states, adding, “One may be indulging in unlawful transactions like money laundering using crypto assets. As for the allegations, Mr. Menon told The Hindu, “The immutable, public …

How crypto meltdown is bad news for global terrorism
2 years, 1 month ago

How crypto meltdown is bad news for global terrorism

Firstpost  

At a time when terrorists had found an easy and untraceable funding network based on cryptocurrencies, the global crypto meltdown comes as bad news for terror organisations New Delhi: At a time when terrorists had found an easy and untraceable funding network based on cryptocurrencies, the global crypto meltdown comes as bad news for terror organisations. Terror funding via cryptocurrencies …

Billions of dollars of stolen cryptocurrencies laundered using cross-chain tools
2 years, 2 months ago

Billions of dollars of stolen cryptocurrencies laundered using cross-chain tools

The Hindu  

Illicit actors, who are masters at using blockchain protocols and platforms, have moved stolen crypto funds between multiple blockchains, leaving law enforcement agencies struggling to follow their money trail. The inter-connected nature of blockchains has resulted in cyber criminals finding more complex ways to launder money and hide their tracks, according to a report by U.K. based blockchain analysis firm …

Indian government sources say WazirX Binance issue reveals the dark side of cryptocurrency
2 years, 4 months ago

Indian government sources say WazirX Binance issue reveals the dark side of cryptocurrency

The Hindu  

The ED probe into alleged money laundering by crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. The agency has frozen Rs 64.67 crore worth bank deposits as part of an ongoing money laundering probe against some fraud smartphone-based loan apps "backed" by Chinese funds. …

WazirX-ED Money Laundering Probe Reveals Darker Side Of Crypto In India: Govt Sources
2 years, 4 months ago

WazirX-ED Money Laundering Probe Reveals Darker Side Of Crypto In India: Govt Sources

ABP News  

New Delhi: The ED probe into alleged money laundering by crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. In the episode of WazirX, people got to know many darker sides, caution is necessary in crypto transaction," the source said. The agency has frozen Rs …

Former cop accused of handling €4.2 million in money laundering scheme
2 years, 5 months ago

Former cop accused of handling €4.2 million in money laundering scheme

NL Times  

A former police officer was arrested on Tuesday morning on suspicion of offering underground financial services, and laundering about 4.2 million euros within a period of a year. A joint investigation by the police and the financial crimes inspectorate, FIOD, involved decrypted private communication, which pointed authorities towards the suspect. ”Phone calls also revealed that the man is involved in …

Cryptocurrencies clear danger, says RBI Governor
2 years, 5 months ago

Cryptocurrencies clear danger, says RBI Governor

The Hindu  

The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions. In the foreword to the 25th issue of the Financial Stability Report released on Thursday, Das also said that as the financial system gets increasingly digitalised, cyber risks are growing and need special attention. In the foreword of the …

Money laundering, terror financing biggest concerns around cryptocurrency, says Nirmala Sitharaman
2 years, 8 months ago

Money laundering, terror financing biggest concerns around cryptocurrency, says Nirmala Sitharaman

India Today  

Casting further doubts on the already-uncertain cryptocurrency market in India, Union Finance Minister Nirmala Sitharaman on Monday, April 18, said the biggest risk around cryptocurrency is its possibility to be used for money laundering and terror financing. Sitharaman said: “The biggest risk for all countries across the board will be the aspect of money laundering and that of such currency …

Private cryptocurrencies pose immediate risks to customer protection, prone to frauds: RBI
2 years, 11 months ago

Private cryptocurrencies pose immediate risks to customer protection, prone to frauds: RBI

The Hindu  

Private cryptocurrencies pose immediate risks to customer protection and are prone to frauds and extreme price volatility, given their highly speculative nature, the Reserve Bank of India said in its financial stability report released on Wednesday. The latest report noted that the proliferation of private cryptocurrencies across the globe has sensitised regulators and governments to the associated risks. "Private cryptocurrencies …

Private Cryptocurrencies Pose Immediate Risks to Customer Protection, Says RBI
2 years, 11 months ago

Private Cryptocurrencies Pose Immediate Risks to Customer Protection, Says RBI

News 18  

Mumbai, Dec 29: Private cryptocurrencies pose immediate risks to customer protection and are prone to frauds and extreme price volatility, given their highly speculative nature, the Reserve Bank of India said in its financial stability report released on Wednesday. The latest report noted that the proliferation of private cryptocurrencies across the globe has sensitised regulators and governments to the associated …

No Ban, Govt Regulating Cryptocurrency to Check Role in 'Hawala', Terror Funding: Sources
3 years, 1 month ago

No Ban, Govt Regulating Cryptocurrency to Check Role in 'Hawala', Terror Funding: Sources

News 18  

The Centre’s move to bring a bill in the upcoming Winter Session of Parliament to regulate cryptocurrency has sparked a ripple effect, with bitcoin prices crashing to the lowest in a month. The government is concerned about the underground transactions happening against cryptocurrency — particularly its role in ‘hawala’ and terror funding,” they said. It was then also discussed that …

RBI governor Shaktikanta Das says cryptocurrencies are serious threat to any financial system till they are regulated
3 years, 1 month ago

RBI governor Shaktikanta Das says cryptocurrencies are serious threat to any financial system till they are regulated

India Today  

RBI governor Shaktikanta Das has once again underlined the concerns around cryptocurrencies, calling them a threat to any financial system, at least till they are regulated. He said that cryptocurrencies are serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well as their claimed market value. But …

Crypto addresses laundered $1.3 bln in dirty funds
3 years, 10 months ago

Crypto addresses laundered $1.3 bln in dirty funds

The Hindu  

Criminals are using a small group of cryptocurrency brokers and services to launder hundreds of millions of dollars of dirty virtual money, research shared with Reuters showed on Thursday. Just 270 cryptocurrency addresses, many connected to over-the-counter brokers, received $1.3 billion in illicit digital coins last year - some 55% of all criminal crypto flows identified by U.S. blockchain researcher …

Crypto’s dirty side: 270 addresses laundered $1.3bn in 2020
3 years, 10 months ago

Crypto’s dirty side: 270 addresses laundered $1.3bn in 2020

Al Jazeera  

New research shows that criminals are using a small group of crypto brokers to launder hundreds of millions of dollars. Criminals are using a small group of cryptocurrency brokers and services to launder hundreds of millions of dollars of dirty virtual money, research shared with Reuters news agency showed on Thursday. A total 270 cryptocurrency addresses, many connected to over-the-counter …

Criminals getting smarter in use of digital currencies to launder money
4 years ago

Criminals getting smarter in use of digital currencies to launder money

The Hindu  

Criminals are becoming more sophisticated in their use of cryptocurrencies to launder money, with hundreds of millions of dollars of dirty funds last year flowing through digital wallets that allow users to hide their trail, according to Elliptic. At least 13% of all criminal proceeds in bitcoin passed through privacy wallets - which make it harder to track cryptocurrency transactions …

Cryptocurrency has the power to revolutionise a corrupt banking system
4 years, 2 months ago

Cryptocurrency has the power to revolutionise a corrupt banking system

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Since the late 90s, thousands of …

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