Criminals have been drawn to cryptocurrencies for some time. Governments in Europe are now joining forces to put an end to this illicit activity.

According to local sources, France’s NIGMA Conseil and Austria’s Institute of Technology are joining forces.

Their agreement of cooperation focuses on tracking crimes related to cryptocurrencies.

It appears that this collaboration will put an even bigger emphasis on blockchain analysis. 

Interestingly enough, startups like CipherTrace will be used in the process.

This further confirms the importance of blockchain analysis when it comes to cracking down on criminal activity.

Rather than focusing on just consumers, the new partnership will also be beneficial to businesses exposed to digital assets.

They may receive tainted money streams without even being aware of that aspect.

It is also the first time European countries show a keen interest in exploring this particular option.

To date, the usage of cryptocurrencies across Europe remains unclear.

As roughly 1% of crypto transactions pertain to crime, one has to wonder if this is the biggest problem to tackle.

Over the past few years, there have been numerous demands for  a unified crypto legislation across Europe.

When countries continue to do their own thing, that unified approach seems further away than ever before.

Image(s): Shutterstock.com

The post France and Austria tap Blockchain Analysis to Reduce Crypto Crime appeared first on NullTX.

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