U.S. Deputy Attorney General, Rod Rosenstein, has called for international coordination and cooperation in regulation cryptocurrency space to prevent “criminals from hiding behind cryptocurrencies”. He called for international actors to develop policies to regulate cryptocurrency space and protect it from being misused by criminals.
Rosenstein asked for a higher level of cooperation between countries in investigating frauds and crimes associated with cryptocurrencies. He specifically mentioned cases such as Wannacry ransomware and Alexander Vinnick as examples of illegal crypto activities.
“In addition, fraudsters use the lure of coin offerings and the promise of new currencies to bilk unsuspecting investors, promote scams, and engage in market manipulation. The challenges of regulating the use of cryptocurrencies demand a multinational response. We must work together to make clear that the rule of law can reach the entire blockchain”, added Rosenstein.
“We must guard against abuses of digital currency,” concluded Rosenstein.
Earlier this year, Rosenstein revealed that the Department of Justice (DOJ) is developing a comprehensive strategy for cryptocurrency. The aim of the new strategy is to pave the way for authorities to arrest cyber crooks and protect the crypto space from the misuse.
Currently, cryptocurrency is regulated by anti-money laundering laws.
“(Cryptocurrency) is a new challenge for us. It’s pretty important to use multiple levels of security. It can be a frustration for consumers, but it can help”, said Rosenstein at the Financial Services Roundtable in Washington in February this year.
Rosenstein was speaking at the 87th Interpol’s General Assembly in Dubai. The Assembly is attended by around 1,000 official delegates from 195 countries, including 40 ministers and 85 police chiefs from around the world.