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The Globalization of Cashless Transactions Using Blockchain Technology to Preventing Money Laundering and The Changing Trends in The Cryptocurrency Market: A Learning Experience of Polish and EU Laws

The Globalization of Cashless Transactions Using Blockchain Technology to Preventing Money... AbstractSummaryThe COVID-19 pandemic experience has driven us to rely on technology so much on the development and expansion of technology, including cashless transactions. Criminal groups may become more interested in electronic payments and virtual currencies because of increased traffic in these areas. When comparing the second half of the 2019 to the first half of the 2020, the number of fraudulent card transactions increased by 11.4%. New developments in virtual currency trading regulations, including the digital finance package, which includes, among other things, a draught regulation from the European Parliament and an amended act to combat money laundering and terrorist financing, among others. For the reasons stated above, these regulations may lead to a virtual currency market collapse and the withdrawal of investors and the siphoning of money into Asian markets as a result. The current regulations are a manifestation of total regulation and do not encourage technological advancement. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png European Studies de Gruyter

The Globalization of Cashless Transactions Using Blockchain Technology to Preventing Money Laundering and The Changing Trends in The Cryptocurrency Market: A Learning Experience of Polish and EU Laws

Thommandru, Abhishek; Chakka, Benarji
European Studies , Volume 9 (2): 21 – Dec 1, 2022
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References (11)

Publisher
de Gruyter
Copyright
© 2022 Abhishek Thommandru et al., published by Sciendo
eISSN
2464-6695
DOI
10.2478/eustu-2022-0021
Publisher site
See Article on Publisher Site

Abstract

AbstractSummaryThe COVID-19 pandemic experience has driven us to rely on technology so much on the development and expansion of technology, including cashless transactions. Criminal groups may become more interested in electronic payments and virtual currencies because of increased traffic in these areas. When comparing the second half of the 2019 to the first half of the 2020, the number of fraudulent card transactions increased by 11.4%. New developments in virtual currency trading regulations, including the digital finance package, which includes, among other things, a draught regulation from the European Parliament and an amended act to combat money laundering and terrorist financing, among others. For the reasons stated above, these regulations may lead to a virtual currency market collapse and the withdrawal of investors and the siphoning of money into Asian markets as a result. The current regulations are a manifestation of total regulation and do not encourage technological advancement.

Journal

European Studies – de Gruyter

Published: Dec 1, 2022

Keywords: AML; CTF; counteracting; money laundering; KNF (PFSA); FinTech; RegTech; MICA regulation

There are no references for this article.