First, and most critically, only a small fraction of crypto is used for illicit activity, far less than we see in traditional finance, which according to the United Nations could be up to 5% of global GDP. Per analytics firm Chainalysis, money laundering accounts for less than 0.5% of all crypto transaction flows. This is also decreasing steadily over time. Even as crypto usage rose in 2023, the amount of money laundering in crypto fell from $31.5 billion in 2022 to $22.2 billion in 2023. No significant amount of illicit activity is acceptable, but to single out crypto as the villain is both inaccurate and tired.
Related posts
-
Democrats Make Pitch For Crypto Voters. Will Crypto Listen?
The confirmed speaker list features some well-known names from Congress and the crypto industry, including Senate... -
Nearly $600M of Silk Road Bitcoin (BTC) Hits Coinbase Prime, But Not Necessarily to Sell the Crypto
The last confirmed sale of Silk Road assets by the government was in March 2023, when... -
Dogecoin Whale Sets Their Eyes On Future Crypto Leaders Mpeppe For Explosive Gains
The spotlight is often shared between established giants and promising newcomers. Recently, a notable shift has...