Cryptocurrency is also increasingly being used by criminal organizations to launder money and move funds anonymously, making it difficult for law enforcement officials to track.
In recent years, there has been a growing concern among regulators and law enforcement agencies about the use of cryptocurrencies by criminals, particularly in the context of cybercrime and terrorism financing. The draft legislation is also intended to protect businesses and consumers from fraud, money laundering, and other illegal activities.
The new regulations are being proposed in response to a recent report by the Federal Reserve Bank of New York that found that about 90% of Bitcoin transactions were used to fund illegal activities. These concerns have led to calls for more effective regulation of the cryptocurrency market and the development of a comprehensive legal framework to address these issues.
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Ireland is currently drafting new regulations in the cryptocurrency sphere as the European Union (EU) is considering a crackdown on money laundering. As part of the new legislation, a report from the European Commission (EC) suggests that cryptocurrencies and digital currencies be brought under the same legal and regulatory framework as traditional financial services.
The report states that cryptocurrency and its use for money laundering are part of a growing trend in which financial institutions and businesses are moving their operations to virtual environments to avoid the regulations and taxes associated with traditional financial systems.
