Following a US-led meeting on ransomware, 31 countries and the European Union declared in a joint declaration that they will increase their capabilities to combat the use of virtual assets in ransomware operations. The idea is to improve the overall flow of the crypto market and make the virtual economy much healthier and accessibly to a wider array of audiences. Security and safety remain a top priority for the US-led meeting.
According to the statement, the participating countries would improve national authorities' ability to “regulate, oversee, investigate, and take action” against dangerous actors' abuse of virtual assets while adhering to “adequate” privacy protections.
The White House of the United States hosted the virtual meeting. Australia, Brazil, Bulgaria, Canada, Czech Republic, Dominican Republic, Estonia, European Union, France, Germany, India, Ireland, Israel, Italy, Japan, Kenya, Lithuania, Mexico, the Netherlands, New Zealand, Nigeria, Poland, Republic of Korea, Romania, Singapore, South Africa, Sweden, Switzerland, Ukraine, United Arab Emirates, and the United Kingdom were among those who took part.
Criminals use crypto as “the major tool” in ransomware payments and money laundering, according to the statement.
According to the joint statement, inconsistent execution of the guidelines of the global Financial Action Task Force, an intergovernmental group, has resulted in territorial arbitrage that ransomware operators can take advantage of.
According to another research by intelligence firm Chainalysis, North American addresses sent $131 million to ransomware assaults between July 2020 and June 2021, more than double that of the next greatest target region, Central, Western, and Northern Europe.
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