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Ransomware task force calls for aggressive Bitcoin transaction tracing measures

April 29, 2021. Summarized by summa-bot.

Compression ratio: 44.4%. 1 min read.

A task force comprising law enforcement officials and security firms is pushing for stricter regulations surrounding crypto transfers.

Government and industry have teamed up to fight a major increase in ransomware, with a newly formed ransomware task force calling for new measures to more aggressively trace Bitcoin and crypto capital flows.

The task force includes law enforcement including FBI and U. S. Secret Service agents working alongside representatives of leading security and tech firms.

According to an April 29 report from Reuters citing anonymous sources from the Department of Justice’s task force, the group is calling for new guidelines designed to cut through the anonymity of digital asset transfers that will soon be reviewed by Congress.

The proposed measures includes tightened KYC requirements for crypto asset exchanges, expanded licensing requirements for entities operating with cryptocurrencies, and extending anti-money laundering laws to better canvas the operations of crypto conversion kiosks and ATMs. The group is also supporting the Financial Crimes Enforcement Network’s push to increase the reporting requirements for transactions valued at more than $10,000.

by summa-bot

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