European Parliament looks into use of cryptocurrencies and blockchain by criminals for illegal activities

A paper prepared by Policy Department A at the request of the European Parliament’s Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance delves into the increasing use of cryptocurrencies by criminals for illegal activities such as money laundering, tax evasion and terrorist financing.

Regulators are said to be very concerned about the use of cryptocurrencies by criminals, especially as the full extent of the problem is unknown, although the market value of the misuse of virtual currencies has been reported to exceed €7 billion worldwide.

The paper, which can be found here, elaborates on this phenomenon from a legal perspective and contains policy recommendations for future EU standards.