The European supervisory authority called to tighten the rules for regulating cryptocurrencies – Bits Media

Committee of Experts of the Council of Europe on assessing measures of money laundering (Moneyval) notes an increase in the number of cases of money laundering using cryptocurrencies.

The committee posted a report, in which he reported on the facts of fraud, tax evasion and MANIPULATION of the market, occurring using digital assets.

The European regulator warned about problems, related to decentralized finances (DeFi), anonymous cryptocurrencies and about, what, According to his experts, It is market manipulation. Head of Moneyval Elzhbeta Frankov-Yaskevich (Elzbieta Frankow-Jaskiewicz) stated, that the regulator has repeatedly noted cases of the use of cryptocurrencies to launder illegal money:

“Well known, that faces, engaged in laundering money, abused cryptocurrencies since their appearance ten years ago. Methods become more and more sophisticated and large -scale, Starting from drug trafficking and ending with fraud, corruption and tax evasion ".

Moneyval Expert Committee has joined the developers of standards, such as a group of development of financial measures to combat money laundering (FATF), and called for a tough approach to digital assets.

A rapidly developing technology, which often applies to several jurisdictions, creates problems for regulatory authorities, Calling an increase in supervision, as well as the best coordination between national agencies, It is said in the document.

“There is a suspicion, that some of the small cryptocurrencies are created specifically with the aim of laundering money. Besides, Larger virtual assets are subject to serious manipulations in the market, which is also a serious crime ", -said Frankov-Yaskevich.

Moneyval usually controls small European territories, which are not controlled by Fatf based in Paris, including financial technology centers, Such as Malta, Gibraltar and Estonia.

Despite, that this is an observation organ, His reviews and recommendations to individual jurisdictions may affect national legislative reforms.

Recently, the Commissioner of the European Union for Financial Services Meyerid Mcginness (Mairead McGuinness) Against the backdrop of the rapid development of cryptocurrencies, the EU and the United States united in the regulation of the industry.