Coinfirm: "fiat currencies are less protected from laundering than crypto assets"

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Photo - Coinfirm: "fiat currencies are less protected from laundering than crypto assets"
The analyst company Coinfirm believes that the recent development of AML and KYC has made it much more difficult to use cryptocurrencies for fraud.
According to Durgham Mushtaha, a development manager at Coinfirm, the difference lies in the fact that due to AML, operations with crypto assets are much easier to trace than the same manipulations with fiat currency.

He also said that with KYC, which identifies the user at the most popular cryptocurrency exchanges, it became possible to create a much more reliable system than before. Moreover, according to the expert, it is much more protected from money laundering and other illegal transactions than the usual fiat market.
I see the next bull market becoming a watershed moment, where the masses dive into crypto as fears dissipate and the sector grows exponentially.
Mushtaha said.
In his opinion, risk indicators similar to the fiat market were also introduced into the cryptocurrency sector, including DeFi.
Where we differ from traditional finance is our on-chain analytical processes. There are no blockchains in traditional finance, so they are missing a huge part of the jigsaw as the blockchain sector is not siloed.
the expert says.
He believes AML is becoming more sophisticated in the DeFi space as reports confirm its activity. For example, Mushtaha says transactions that used illegal addresses accounted for only 0.15% of last year’s figures.
The most laundered currency continues to be the dollar, not crypto assets.
he said.
He noted that it is now possible to confidently say if your wallet was involved in illegal transactions or inherited risk from other addresses that received funds fraudulently.