Crypto has come to stay , as the internet and the automobile have
It is the combination of early recognition and adoption of relevant AML laws plus the awareness of the risks involved that enabled responsible operators to be recognized by reputable , well-established players in the traditional financial world , thereby opening doors for beneficial cooperation .
What is needed
It is important to continue the open dialogue and expand it further . As mentioned , there are mechanisms that aid the enforcement of regulations against crypto abuse in a very effective and unseen way ― this is seen in a number of successful cases . Before labeling any technology , but specifically crypto , the following conditions are needed .
▪ National regulators , LE bodies and policymakers must be well-informed both in theory and in practice , which is even more crucial ( remember the Marie Curie quote ). One should not hesitate to engage directly with this technology , such as creating a crypto wallet or experiencing blockchain forensic tools to understand how they function . Hands-on experience in studying , combined with open dialogue and collaboration with industry experts , will enhance understanding , improve overall effectiveness and demystify misconceptions .
▪ We must adopt a balanced regulatory approach and a tech-agnostic attitude . This approach should be used instead of prohibitive or overly restrictive measures that do not correspond to practical functioning and reality . This will allow for responsible growth within the crypto industry while still addressing safety and ethical concerns . If concerns or doubt arise , open dialogue should prevail and proper understanding of the technology should be sought .
Conclusion
“ By 2005 or so , it became clearer that the internet ’ s impact on the economy has been no greater than the fax machine ’ s ,” 5 Paul Krugman , winner of the 2008 Nobel Memorial Prize in Economic Sciences , once said . Around 1900 , German Emperor Wilhelm I is believed to have said , “ I believe in the horse , this automobile is just a fashion .” Today , it is hard to even imagine life without the internet or the automobile .
Crypto has come to stay , as the internet and the automobile have . It is up to us all to keep it free from crime and enable everybody to benefit from it , such as the millions of legitimate customers who are already doing so now without any malicious intentions . With its extended possibilities in transaction monitoring , the crypto industry does and will continue to effectively separate the good from the bad , thus further empowering modern-thinking FIUs to tackle financial crime .
Fear and concerns , based on insufficient information , persuasion and overall skepticism and sensitivity related to new monetary developments have never been trustworthy advisors . Being open and unbiased but mindful is important , as is learning and preparing . This is especially true about topics that will not simply disappear by ignoring or fighting them , such as crypto .
Peter Erian , CAMS , lead , AML , Bitpanda , Austria , peter . erian @ bitpanda . com , Peter Jelinek , AMLO , Bitpanda , Austria , peter . jelinek @ bitpanda . com , Michał Truszczyński , specialist , Public Affairs , Bitpanda , Germany , michal . truszczynski @ bitpanda . com , 1
“ One of the dark web ’ s largest cryptocurrency laundromats washed out ,” Europol , https :// www . europol . europa . eu / media-press / newsroom / news / one-of-darkwebs-largest-cryptocurrency-laundromats-washed-out
2
Ibid .; Lacton Muriuki “ Crypto Mixer in trouble after EU law enforcement confirms exchange of $ 46M ,” Cryptopolitan , March 15 , 2023 , https :// www . cryptopolitan . com / crypto-mixer-in-trouble-with-europol /? utm _ source = chatgpt . com ; Jamie Crawley , “ Germany and U . S . Seize Over $ 46M Crypto Tied to ChipMixer Investigation ,” CoinDesk , March 15 , 2023 , https :// www . coindesk . com / policy / 2023 / 03 / 15 / germany-and-us-seize-over-46m-crypto-tied-to-chipmixerinvestigation-europol ? utm _ source = chatgpt . com : “ Money Laundering on the Dark Web : German Federal Criminal Police Office Shuts Down Cryptocurrency Mixer Chipmixer ,” On Darknet , March 17 , 2023 , https :// www . ondarknet . com / news / money-laundering-on-the-dark-web-german-federal-criminal-police-officeshuts-down-cryptocurrency-mixer-chipmixer /? utm _ source = chatgpt . com
3
“ Multi-million euro cryptocurrency laundering service Bestmixer . io taken down ,” Europol , https :// www . europol . europa . eu / media-press / newsroom / news / multi-million-euro-cryptocurrency-laundering-service-bestmixerio-takendown ? utm _ source = chatgpt . com ; “ Department of Justice Seizes $ 2.3 Million in Cryptocurrency Paid to the Ransomware Extortionists Darkside ,” U . S . Department of Justice , June 7 , 2021 , https :// www . justice . gov / archives / opa / pr / departmentjustice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists-darkside
4
Marie Curie , “ Nothing in life is to be feared , it is only to be understood . Now is the time to understand more , so that we may fear less .” Quotes , https :// www . quotes . net / quote / 40119
5
“ Miscellany ,” Lapham ’ s Quarterly , https :// www . laphamsquarterly . org / revolutions / miscellany / paul-krugmans-poor-prediction ; “ Quotable Quote ,” Goodreads , https :// www . goodreads . com / quotes / 8703351-the-internet-s-impact-on-theeconomy-has-been-no-greater
ACAMS Today | March – May 2025 85