-AD-
-AD-
HomeNewsFull Crypto Licensing Regimes Lead to Reduced Illicit Activities: TRM Labs 2023...

Full Crypto Licensing Regimes Lead to Reduced Illicit Activities: TRM Labs 2023 Report

- Advertisement -
  • TRM Labs’ 2023 report shows lower rates of illicit crypto activities in countries with comprehensive regulatory regimes.
  • The report covers global crypto policies across 21 jurisdictions, which collectively represent 70% of global crypto exposure.

Strides in Crypto Regulation Reducing Illicit Activities

Blockchain analytics firm TRM Labs has unveiled insightful findings in its latest report, indicating that countries with fully established regulatory regimes for cryptocurrencies experienced significantly lower rates of illicit activities in 2023 compared to their less regulated counterparts.

A Global Overview of Crypto Policies

The comprehensive report from TRM Labs analyzed the crypto policies of 21 jurisdictions worldwide, accounting for a substantial 70% of the global exposure to cryptocurrencies. The findings reveal that a majority of these jurisdictions, constituting about 80%, have taken decisive steps to enhance their crypto oversight. Importantly, almost half of these have made notable progress in advancing consumer protection measures in the crypto space.

A Move Towards Standardization

The TRM Labs report highlights a growing trend towards convergence in national crypto policies and standards, despite varying philosophies and priorities among nations. This shift towards regulatory maturity and the private sector’s increasing compliance focus have positively influenced the landscape of illicit finance activities related to cryptocurrencies.

The Unresolved Questions of DeFi

Looking ahead into 2024, the report sheds light on the ongoing uncertainties within the decentralized finance (DeFi) sector. Key questions include the determination of responsibility and accountability, along with the practicalities of regulatory oversight and authority within this space. While definitive answers may not emerge in 2024, the data from this year’s adopted standards are expected to provide valuable insights for understanding the impact and efficacy of these regulations in 2025.

U.S. Focus on Mixers and Risk Assessments

In addition to the global perspective, TRM Labs anticipates significant developments in the United States regarding cryptocurrency regulation. The U.S. is expected to take action on crypto mixers and update its national risk assessments concerning money laundering and terrorist financing related to digital currencies.

The TRM Labs report underscores the crucial role of comprehensive and robust regulatory frameworks in curbing illicit activities in the cryptocurrency sector. As nations around the world continue to refine and harmonize their crypto regulations, the report offers a critical lens into the evolving dynamics of global cryptocurrency policies and their impact on both the market and regulatory landscapes.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628
RELATED ARTICLES

LATEST ARTICLES