Standardizing Illegal Bitcoin Transaction Marking Across EAEU Countries
Date: 2023-11-14 Author: Dima Zakharov Categories: IN WORLD
Certification and Training Goals
One of WACC's primary objectives includes certifying and training AML specialists, bank employees, and software development professionals. By doing so, the association aims to enhance the capabilities of individuals responsible for enforcing AML measures.
International Collaboration
WACC plans to collaborate with similar associations in EAEU countries and beyond. This international cooperation aims to create a unified front against illicit cryptocurrency activities, fostering a global effort to combat financial crimes involving digital assets.
Standardizing AML Procedures
To streamline efforts in the fight against illegal transactions, WACC seeks to standardize AML procedures and markings among local providers. This standardized approach will contribute to a more efficient identification and prevention system against cryptocurrency-related crimes.
VASP Compliance Verification
WACC will also play a role in verifying the compliance of Virtual Asset Service Providers (VASPs). Ensuring that these entities adhere to AML/CFT standards is crucial for maintaining the integrity of the cryptocurrency market and preventing illicit activities.
The announcement took place during the UN Counter-Terrorism Congress in Tashkent on November 14, where participants included representatives from the Organization for Security and Co-operation in Europe (OSCE), Interpol, and various anti-crime organizations, along with stakeholders from the crypto industry.
During his address, Dmitry Machikhin, the founder and CEO of BitOK service, highlighted that states tend to overstate the role of illegal cryptocurrency transactions, leading to various national-level bans. Machikhin presented data indicating a more than 60% reduction in the volume of illegal transactions in the first half of 2023 compared to the same period in 2022.
"Muddy" cryptocurrencies, according to Machikhin, constitute less than 1% of the total volume, with the number of wallets significantly surpassing the actual users conducting transactions, numbering no more than 100 million.
Machikhin expressed concern that exchanges, platforms, and protocols are not doing enough regarding AML/KYC, and blockchain analytics solution providers lack a common approach to address labeling issues. It is precisely this problem that WACC aims to solve, providing a unified strategy for marking cryptocurrency addresses.
