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Battling crypto crime around the world: A look at the fight against theft and fraud in a challenging market

The cryptocurrency world endured a turbulent spring in 2022. Markets were highly unpredictable, and by July the market capitalization had shed over 50 percent of its value since the start of 2021. Virtual asset prices also took a substantial hit.

In CipherTrace’s latest Cryptocurrency Crime and Anti-Money Laundering Report, we look back at those volatile few months, zeroing in on the quarter’s most important trends, news stories and global regulatory changes. For this report, our second since being acquired by Mastercard, we’ve added a new regular feature: a granular analysis of regional- and country-level activity that highlights key regulatory updates and law enforcement efforts.

There’s no denying that illicit activities continue to impact the virtual asset ecosystem. To try to keep pace, regulatory agencies and lawmakers around the world have ramped up their efforts to monitor virtual asset exchanges. As regulations tightened and compliance improved, the global percentage of VASPs with weak Know Your Customer (KYC) practices fell from 56% in 2020 to 35% at the time of this publication.

That said, security in some jurisdictions continues to lag. Region by region, our report breaks down the level of KYC risk carried by VASPs in sample countries, and it offers key takeaways on regulatory trends.

Take a look, and if you have any questions, email us at [email protected]

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