A public-private task force has submitted a report to the Biden government, which includes recommendations to strengthen the regulation of cryptocurrencies, including Bitcoin, to combat ransomware. The task force wrote: “The cryptocurrency sector that leads to ransomware crimes should be further strictly controlled.”
The White House urges tightening of cryptocurrency regulations
A task force organized by the Institute of Security Technology submitted a report entitled “Combating Ransomware” to the Biden government on Thursday, which made 48 recommendations, some of which are aimed at strengthening encryption regulations.
These recommendations were made by the Ransomware Task Force (RTF), which the report describes as “a broad coalition of volunteer experts from industry, government, law enforcement agencies, civil society, cybersecurity insurance companies, and international organizations.” The goal is “Providing a strategic framework for a systematic global approach to alleviating ransomware problems.”
The report stated that “ransomware payments are usually made in cryptocurrency,” and “difficult to track.” One of the “priority recommendations” outlined in the report is:
The cryptocurrency sector that leads to ransomware crimes should be subject to stricter supervision. Governments should require cryptocurrency exchanges, crypto kiosks and over-the-counter (OTC) transaction “help desks” to comply with existing laws, including know your customer (KYC), anti-money laundering (AML) and counter-terrorism financing (CFT) laws .
The report elaborated on some crypto-related recommendations, such as “developing new levers for voluntary sharing of cryptocurrency payment indicators”, “encouraging the voluntary sharing of information between cryptocurrency entities and law enforcement agencies” and “concentrating expertise in cryptocurrency seizures” , And expand the scale of criminal offenses” epileptic seizure process. “
The report details: “The use of cryptocurrencies increases the challenge of identifying ransomware criminals, because payments made in these currencies are difficult to attribute to any individual.” “Ransomware criminals can also cover up with cryptocurrency “hybrid services”. Transaction.” It also pointed out that some organizations will also require the use of privacy coins for payment, such as Monero. However, the working group pointed out that at present, these coins are “not as liquid as Bitcoin and other cryptocurrencies.”
RTF members include the United States Federal Bureau of Investigation (FBI), the United Kingdom National Crime Agency (NCA) and the United States Secret Service (USSS), the United Kingdom National Cyber Security Center (NCSC) and the National Representative Cybercrime Coordination Unit of the Royal Canadian Mounted Police.
The report added: “The ransom paid by private companies robs criminal companies of millions of dollars each year, and points out that the total amount paid by ransomware victims has increased by 311% in 2020, reaching nearly $350 million worth of cryptocurrency.”
What do you think of this working group that promotes the government to strengthen cryptocurrency regulation? Let us know in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. For the use or reliance on any content, goods or services mentioned in this article or any loss or loss related to it, the company or the author shall not directly or indirectly bear any responsibility.