Many cryptocurrencies have been issued up to date. As such, one can buy and sell this form of currency as they wish, and this process may not be very clear to everyone. This is to say that not everyone knows how this currency works and how they can buy and sell it.
A cryptocurrency can be defined as an asset that exists in digital form. It is a form of exchange, but there are no physical coins that change hands. The creation of additional coins, the sale, and buying of the coins are closely controlled and done using strong cryptography to ensure that all transaction records are controlled.
Now, still, even after all the controls are made to the currency, there are many forms of crypto oriented crimes that have been taking place over the years. If you have been involved in this kind of misfortune, you may want to hire private investigators Melbourne to help you go about the recovery of your digital asset. However, how is this possible? We shall discuss the ways this crime is investigated and arrested in this article.
Here are ways to fight crypto oriented crimes:
Training Law Enforcement Agencies on Crypto Crimes
Crypto-related crime has not been a well-studied and investigated type of crime in many parts of the world. As such, many countries have had to train their police on how to understand the cryptocurrencies and crimes related to this.
One of the ways police officers have been able to fight crypto crimes is by interrogating and investigating a database of IP addresses that are suspicious or related to suspects of crypto crimes. There are also digital wallet identifiers that the officers can use to link to people of interest. The thing here is that with the law enforcement agencies well versed with this new cybercrime, they can fight it.
Infiltrating the Cryptocurrency Infrastructure
This is another way of dealing with a crime related to cryptocurrency. The police can form a relationship with the infrastructure used by the various cryptocurrency dealers, exchanges, and brokers so that they can detect and follow up with the crime committed. Even private investigators can infiltrate this infrastructure once they have understood the whole system. This way, any crimes can be detected and easily traced.
Integrate Cryptocurrency with Anti Money Laundering Regulations
Cryptocurrency is not as anonymous as people think. One of the ways to fight crime in this area is to have government agencies integrate cryptocurrency with the existing laws that govern other forms of transactions.
The fact that the Blockchain can be accessed publicly means that somehow all cryptocurrency transactions can be traced. Businesses that deal in cryptocurrency should increase their communication and cooperation with government agencies to tame any crypto-related crimes.
The governments can also introduce tight regulations such as KYC to make it mandatory for bitcoin and other cryptocurrency dealers to disclose information about their clients. Making anti-money laundering laws applicable to cryptocurrency transactions is also another important way to regulate the industry and discourage crimes related to this currency.