The U.S. Department of Justice (DOJ) wants more international collaboration and sharing of cryptocurrency information to protect investors, businesses, and consumers who use the latest digital assets. report..
According to the report, the Ministry of Justice said that international cooperation was “Duplicate efforts that waste research resources. “
DOJ worked with other regulatory bodies such as the Securities and Exchange Commission (SEC), the Department of Homeland Security, and other federal agencies to produce reports.
The report states: Due to the anonymity provided by these assets, it is more difficult to prosecute a crime committed in cryptocurrency than a crime committed in paper currency.
Part of the report says:
Criminals can take advantage of cryptocurrency innovations, decentralization claims, and anonymization capabilities to promote (can) criminal activity in every corner of the world.
Therefore, the lack of compliance measures can put the United States at risk to criminals and at the same time endanger the international financial system, so the United States works with other countries to effectively regulate and supervise the industry. Must be carried out.
Some challenges facing international cooperation
The 58-page document shows that the willingness and ability of foreign law enforcement agencies to work with the United States on digital asset crime depends on their regulations and jurisdiction.
Currently, there are differences in how each legal system handles digital assets, which can complicate collaboration between the United States and its foreign partners.
Beyond that, it has also identified limited technical and technical expertise as a limitation in many countries.
However, according to the report, US law enforcement agencies seek to address these challenges by developing expertise and sharing it with partners and engaging in efforts to set global standards and the activities of other agencies. increase.
The report provides recommendations for strengthening enforcement and improving internationally
Cooperation by conducting more complex and professional research, sharing more information and enhancing the capacity of foreign counterparts to implement international standards in the field of digital assets.
Crypto provides legal agencies with the opportunity to properly investigate
While acknowledging that many crimes can easily be committed in cryptography, the report also revealed that the technology behind the assets provides law enforcement agencies with the opportunity to properly investigate.
According to the report, crypto transactions are “permanently recorded in a distributed ledger published on the Internet,” allowing authorities to track funds in ways not possible with traditional financial systems.
