Crypto Currency Regulation and Law Enforcement Perspectives
- URL: http://arxiv.org/abs/2109.01047v1
- Date: Wed, 1 Sep 2021 09:56:28 GMT
- Title: Crypto Currency Regulation and Law Enforcement Perspectives
- Authors: Nicolas T. Courtois, Kacper T. Gradon and Klaus Schmeh
- Abstract summary: We look at various questions of criminal use and misuse of technology.
The aim of the paper is to raise a set of concerns arising in the criminal justice and policing circles.
We propose a simplified classification of crimes related to crypto currency.
- Score: 0.6445605125467572
- License: http://creativecommons.org/licenses/by/4.0/
- Abstract: This paper provides an overview of how crypto currency and blockchain
engineering interacts with the law enforcement. We point out that a large
proportion of crypto users are amateur investors and the dominant and the
largest segment in crypto crime are simply investment scams (!). We look at
various questions of criminal use and misuse of technology, especially in the
areas of money laundering or cashing out the profits originating from illicit
activities. The aim of the paper is to raise a set of concerns arising in the
criminal justice and policing circles, based on the interviews with law
enforcement practitioners, and to see how cryptos could be reconciled with
public security and safety. We propose a simplified classification of crimes
related to crypto currency. We study the development of blockchains in a
broader context of applied cryptography and payment technology. Ransomware is a
big threat but we also need protection against corporate misconduct or
negligence, with untested financial services breaching customer trust or
government regulations. Not paying taxes is illegal, but there is more at
stake: exposing crypto holders to losing all their savings in scams or thefts.
Interestingly, privacy helps to defend on multiple fronts: against social
engineering, targeted crime, scams, and also against cybersecurity thefts and
hacks.
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