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Over half of banks and governments consider crypto industry as risky

Oct 02, 2020

The survey is based on 566 responses from across the global financial and crypto industries

crypto industry

Over half of banks and governments consider crypto industry as risky. Source: shutterstock.com

According to the research conducted by RUSI and ACAMS in partnership with YouGov, 63% of banks and 56% of governments saw cryptocurrency as a risk.

The respondents were asked to select any areas of concern, respondents overall indicated they are worried about the use of cryptocurrency.

For 84% that’s money-laundering and the dark web. Meanwhile, 84% are worried about the procurement of illicit goods by sanctioned actors (82%) or by terrorist organizations (79%).

76% of the respondents are concerned that crypto is involved to fund human trafficking and in fraudulent initial coin offering.

The crypto industry appears to have a great amount of confidence in their own abilities to counter and detect risk, whereas government doesn’t have nearly as much faith. Bridging this gap is essential, as all sectors agree that the use of cryptocurrency is on the rise, but we know there’s no clear consensus on domestic regulatory action. This risks opening the door to illicit activities
Kayla Izenman, research analyst, Centre for Financial Crime and Security Studies, RUSI and co-author of the survey 

We’ve reported that Gemini?has announced?its expansion into the UK, providing individuals and institutions with crypto exchange and custody services in GBP.

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