Cryptocurrency criminals face tougher penalties in Australia

Crypto criminelen krijgen in Australië zwaardere straffen

For some reason, some criminals are very drawn to cryptocurrencies to conduct their clandestine transactions. However, many blockchains are completely transparent which makes tracking their transactions a lot easier. However, there are still a number of criminals venturing here, but in Australia this is not tolerated. In this country, people using cryptocurrency for illegal purposes are treated much more difficult than their old-fashioned colleagues.

Tougher punishment for crypto criminals

Researchers Aaron Lane and Lisan Adam of Australia’s Monash University write this in a new study. According to research, “cryptocurrency criminals” are punished more severely than traditional criminals in FFinancial issues Globalism. Because they will She has “more planning, more experience” within the company. Obtaining cryptocurrencies requires more technical skills than the rest of the population, who may not be familiar with these technologies.

That is why the court regularly issues harsher rulings. The study examined 103 Australian criminal cases between 2009 and 2020. 59 of the sentences resulted in a sentence, and 44 cases resulted in a different outcome.

Differences in cryptography

Researchers are not always right. that they He concluded that the court should be able to distinguish between the different types of crypto transactions, especially as the adoption of cryptocurrencies increases. The conclusion is “Ability is Spectrum”.

For example, some criminals use centralized exchanges to which Know Your Customer (KYC) laws apply. These companies have to ask for your personal information when creating an account, and if the government asks for payment information, the company must provide it. This makes it relatively easy for the government to find out who is behind the deal.

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But there are also ways to make transaction data blurred. So-called coding mixers are examples of this. Mixers are a kind of trading platform that “mixes” coins from different participants, so that it is not clear who owns the tokens. It will then become more difficult for investigative authorities to trace transactions on the blockchain.

Despite the transparency, cryptocurrencies sometimes still have a kind of “dark web” taste, which is not necessary in principle. At the beginning of this year, research firm Chainalysis reported that only 0.15% of all cryptocurrency transactions are linked to crime. This is much less than paper currency. Chainalysis concluded that “crime is becoming a smaller and smaller part of the cryptocurrency ecosystem.”

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