The report says criminals take advantage of Mexican law. According to the law there, cryptocurrency platforms are required to notify authorities about transactions above $2,830 (approximately Rs 216,200), while transactions of less than that are not given any information.
For this reason, criminals distribute illegal cash in small amounts and deposit them in different bank accounts. They then repeatedly buy small amounts of bitcoin through these accounts to pay their associates.
The report quoted the US Drug Enforcement Administration as saying that these organized criminal groups in Mexico and Colombia are increasing the use of virtual currency.
Board representative Raul Martin del Campo told a news agency that INCB is issuing a red alert so that these countries can consider better regulating cryptocurrency payment systems. He said that both the countries can further reform their laws to bring transparency on the transactions.
Countries around the world are making laws on their level regarding cryptocurrency. The crypto segment in Dubai will now come under a new regulatory framework. The Prime Minister of the United Arab Emirates (UAE) Sheikh Mohammed bin Rashid Al Maktoum has signed a new law for virtual assets. Along with this, the Virtual Asset Regulatory Authority (VARA) has also been created to oversee the crypto segment.
It will decide the types of virtual assets, categories and controls to monitor them. VARA has the power to impose fines and punishments on violators of the new law as well as ban business.
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