BASEL, Switzerland—A Swiss-based think tank is urging greater international cooperation on cryptocurrency regulation.
The Basel Institute of Governance and the International Academy of Financial Crime Litigators has released a paper calling for further coordinated action against unlawful crypto-markets. Among the proposed solutions are greater cooperation between jurisdictions, as well as the creation of worldwide standards for cryptocurrency regulation, CoinTelegraph reported.
According to the paper, investigators who work with cryptocurrency should invest in learning approaches and technologies that are contemporary with evolving criminal organization techniques. It additionally recommended judicial authorities come up with new methods for prosecuting virtual asset-based money laundering.
Crypto regulation has been a “contentious issue in the industry, with some arguing that it stifles innovation, while others believe that it is necessary to protect investors and crackdown on crime,” noted CoinTelegraph.
The recommendations follow comments by U.S. Financial Crimes Enforcement Network Acting Director Him Das in early April, when he said that the agency's existing abilities are not appropriate for the types of threats we're seeing with cryptocurrency, CoinTelegraph noted.
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