The U.S seems to be unrelenting in its efforts to curb criminal acts in the crypto market. Recently, it emerged that over the last 11 years, the SEC, FinCEN, and CFTC collected more than $2.5 billion in fines for wrongful crypto activities.
The latest to make a move towards reigning in on the crypto market is the Department of Justice (DoJ). The DoJ has announced that it was looking to hire an attorney conversant with the crypto market. Per the announcement, the qualified candidate will help in tackling the usage of cryptocurrencies in money laundering and other criminal activities.
The DOJ was spurred into action by the recent hack of the Colonial Pipeline, where millions of dollars in ransom were paid in crypto. This was a wake-up call not just for the DOJ, but also for other players in the current U.S administration. Some within the administration have been calling for this issue to be discussed in the G7 under cybersecurity risks.
The U.S is not the only country where authorities are looking to reign on rogue activities within the market. Internationally, South Korea stands out for its bid to seal off loopholes for criminality in the space.
South Korea has been looking to increase the transparency of transactions that go through the country’s exchanges. The measures are so tough that small exchanges in the country fear that they might not survive.
Interestingly, big players in crypto are happy with the regulations that are coming up. They believe that these regulations will help spur the institutional adoption of digital asset, which is good for the market’s long-term growth.