Reconstructing Crypto Asset Regulation for Effective Prevention and Eradication of Money Laundering and Terrorist Financing
Garda T. Paripurna, Adi Sulistiyono, Hartiwiningsih Hartiwiningsih, Yunus Husein · Advances in Social Science, Education and Humanities Research/Advances in social science, education and humanities research · 2024
The rapid proliferation of crypto assets presents an urgent need to reconstruct regulatory frameworks to address the escalating challenges of money laundering (AML) and terrorist financing (TF).This abstract advocates for a strategic overhaul, emphasizing the necessity of adapting regulations to the dynamic and borderless nature of the crypto landscape.The reconstruction effort involves leveraging cutting-edge technologies, including blockchain analytics and artificial intelligence, to enhance regulatory capabilities for monitoring and tracing crypto transactions.By incorporating these tools, regulators can establish a more robust system for preventing and eradicating illicit financial activities within the crypto sphere.The abstract highlights the importance of fostering international collaboration among regulatory bodies, law enforcement agencies, and industry stakeholders.Establishing standardized global regulatory frameworks is proposed as a pivotal step to create a unified front against financial crimes, eliminating regulatory arbitrage and promoting a cohesive approach to addressing AML and TF challenges.In conclusion, this abstract underscores the exigency of reconstructing crypto asset regulation to prevent and eradicate money laundering and terrorist financing effectively.By acknowledging the distinctive features of crypto assets and embracing technological innovations, regulators can fortify the integrity of financial systems and cultivate responsible crypto asset usage on a global scale.