Deputy Attorney General Rod Rosenstein Says Regulators Should Investigate Crypto Crimes
The U.S. Deputy Attorney General Rod Rosenstein is worried about criminals hiding themselves behind cryptocurrencies. He has also called for wider cooperation on the international stage to investigate crimes related to virtual currencies. He said that speaking at Interpol’s 87th General Assembly back on Sunday.
Cryptocurrencies have been used by individuals all over the world to send and receive money. However, cryptocurrencies have also been used by criminals to launder money or perform illicit activities. This is why he is asking regulatory agencies all over the world to fight against these issues and increase the cooperation.
He mentioned that virtual currencies can be beneficial in some cases but he has also given the examples of the WannaCry ransomware or Alexander Vinnick, the operator of the BTC-e exchange.
Fraudsters could be operating in the market in the lure of coin offerings and promising new currencies to investors. Moreover, they can also promote scams and engage in market manipulation. This is why he said that it is important for all the countries to work together and fight against these scammers.
He has also asked attendees to start working on different policies to regulate virtual currencies and ensure that the blockchain will not be controlled by criminals, terrorist financiers or sanctions evaders.
About the current legal framework in the United States, he mentioned:
“And the Financial Action Task Force urges all nations to make clear that global anti-money laundering standards apply to virtual currency products and service providers. We must guard against abuses of digital currency.”
Rod Rosenstein has been working on topics related to virtual currencies for a very long time. At the beginning of the year, he said that the US Department of Justice was working on a strategy to oversee crypto-related crimes.
There are just a few countries that have implemented clear regulatory frameworks related to virtual currencies. Malta and Japan are examples of countries with clear rules and regulations on the crypto market.