Qatar authorities organize a cyber event dedicated to researching and regulating virtual currencies.

From January 16-18 in Doha, Qatar, a large group of representatives from the Basel Institute on Governance, Europol, Interpol, and authorities from Qatar met to discuss money laundering and digital currencies. The event, filled with investigators from all around the world, focused on ideas on how to tackle regulatory concerns tied to these emerging technologies.

Recently, a global conference was held in the Persian Gulf region consisting of various sectors of law enforcement and cybercrime investigators from many different countries. The Basel Institute on Governance details that hundreds of executives and authorities shared concerns in regards to digital currency payments used for organized crime and money laundering. The event was organized to help law enforcement worldwide learn the tools and techniques aimed at eliminating these illicit activities.

The anti-crime focused conference resulted in many recommendations concerning bettering the playing field for investigators. Some of the most notable proposals explained that all countries should share data within this new technological environment. In addition, special attention should be given to the international exchange of suspicious bitcoin addresses that threaten economic stability, explains the agency’s press release. Furthermore, the world’s law enforcement partners should increase training by starting more initiatives, and particular attention needs to be given to existing regulatory agencies.

The Basel Institute states the main reason behind the global regulation conference in Qatar as:

There is a clear consensus that digital currencies pose a money laundering and terrorism financing threat. A small number of cases have already shown law enforcement agencies that money laundering and terrorism financing can easily take place inside virtual environments, offering high levels of anonymity and low levels of detection removing many of the risks associated with real-world money laundering and terrorism financing activities. “

The conference held in Qatar shows that global authorities and regulators want to get more serious about virtual currency usage. In fact, Europol is already working with blockchain tracking software companies such as Elliptic and Chainalysis in various criminal cases. The event’s proposals detail how global law enforcement needs to pay particular attention to the growth of “unexplained wealth.”

Recommendations for tackling digital currency regulations and the conference itself was established this past September. The Basel Institute on Governance states that this event is in line with another international working group focused on similar modern payment regulations and legislation.


Disclaimer: This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest. The opinions expressed in this article are those of the author they do not necessarily represent infocoin views and should not be attributed to Infocoin.

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