Cryptocurrencies: Increase in Crime and Development of Global Companies

Cryptocurrency-Related Crime Still Poses a Serious Threat

Crimes associated with cryptocurrencies continue to be highly prevalent in the world of digital finance. Perpetrators of fraud in this area take advantage of cryptocurrency market volatility, anonymity, and the global reach of these digital payment methods. The attachment to cryptocurrencies as an alternative form of storing value also makes them an attractive target for criminals.

Increase in Cryptocurrency-Related Crime

Last year saw an alarming 53% increase in thefts and fraud related to cryptocurrencies, reaching a value of billions of dollars. Furthermore, over the past five years, the number of convictions for cryptocurrency-related crimes has risen by an impressive 267%, indicating a growing problem and the urgent need to combat cybercrime in this area.

FBI Actions in the Field of Cryptocurrencies

The Federal Bureau of Investigation (FBI) is actively working to combat cryptocurrency-related crime. In a recent operation, 18 criminals operating in the cryptocurrency industry were arrested. Importantly, the FBI has created its own cryptocurrency called NexfundAI to uncover market manipulations and stop individuals engaging in unfair practices.

Acceptance of Cryptocurrency Payments by Merchants

Research shows that 77% of merchants accepting cryptocurrency payments opt for this option due to lower transaction fees compared to traditional payment methods. Additionally, 32% of merchants planning to expand the range of accepted cryptocurrencies see an opportunity to reach new customers, indicating the growing importance of digital payment methods in commerce.

Development of Cryptocurrency Payments by Global Companies

Global financial companies such as PayPal, Visa, and Coinbase are developing payment methods utilizing cryptocurrencies, including stablecoins aimed at stabilizing value and reducing the risk associated with price fluctuations of digital assets.

Singapore as a Leader in the Digital Assets Space

Singapore is gaining increasing recognition as a hub for digital assets. In the second quarter, transactions with stable tokens there reached a record value of nearly 1 billion dollars, demonstrating the advanced level of cryptocurrency adoption and financial innovation in the country.

Advantages of Stable Tokens

Stable tokens offer a more efficient alternative to traditional methods of international payments. They provide fast transactions, lower fees, and reduce the number of intermediaries, facilitating quicker and cheaper funds transfers worldwide.