How Criminals Can Use Cryptocurrencies
2 min read

How Criminals Can Use Cryptocurrencies

Cryptocurrencies represent an important innovation for the financial industry of Estonia and European Union, but the relative anonymity associated with exchanges and wallets makes them vulnerable to use by criminals.
How Criminals Can Use Cryptocurrencies

While cryptocurrencies represent an important innovation for the financial industry of the whole world, the relative anonymity associated with exchanges and wallets makes them vulnerable to use by criminals.

Bitcoin and other popular cryptocurrencies, for example, have been the subject of a growing number of ransomware attacks, in which hackers encrypt files and demand payment in cryptocurrency for the files' release.

Crypto-License & Crypto-Exchange Company in Estonia
Register a Cryptocurrency Exchange in Estonia. Obtain a Crypto-License and start a cryptocurrency business. Cryptocurrency today is a growing business. More and more people are investing in virtual currency. The Estonian Government reacts by implementing new regulations.

Ransomware attacks are one of the most scalable types of crime enabled by cryptocurrencies. These attacks pose a challenge to law enforcement and regulators due to the possibility that large organizations, institutions, or even governments themselves can be targeted and forced to pay ransom.

Sanctioned countries and organizations are also using cryptocurrencies to circumvent sanctions. This is commonly referred to as "crypto-cleansing." In particular, crypto-assets known as privacy coins are most commonly used for this purpose.

EU regulators have responded to these risks by including crypto assets, exchanges and wallets within the scope of anti-money laundering rules.

AML & CFT Services | AlphaLAW Estonia AML Officer Compliance
The prevention of money laundering and terrorism financing is now a major obligation for all businesses and non-profits. AlphaLAW can help you reduce your organisation’s AML and CFT risks. Here is the list of our services.

Contact Us and Apply for a Crypto License in Estonia

Specialists from AlphaLAW will be happy to help you obtaining a cryptocurrency license in Estonia. Our assistance includes the preparation of the list of required documents, help in developing company procedural rules, AML/KYC documentation, translation of documents into Estonian/English and support throughout the whole licensing process.

In case you have any questions or are interested in obtaining an Estonian license to exchange cryptocurrencies and other virtual assets for a fiat currency (crypto license in Estonia), please contact us through the following communication channels.



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AlphaLAW - Fintech Services Advisory Group in EstoniaAlphaLAW - Fintech Services Advisory Group in Estonia