Many studies show that only a small share of cryptocurrency activity is related to illicit transactions. This was stated by the former Coinbase chief and current Figure president Asiff Hirji at an RBC conference.
“If we apply the rules that are currently used to regulate cryptocurrencies to all global payment systems, our money would become illegal. No country would allow the circulation of funds.”
Hirji also noted that crypto assets can substantially reduce transaction costs.
According to the study by former CIA officer Michael Morell, the scale of Bitcoin use in illicit activity is greatly exaggerated.
According to Chainalysis, in 2020 the volume of crime-related cryptocurrency transactions fell to 0.34%, and their share of turnover on decentralized exchanges last year stood at 0.024%.
In 2021, cryptocurrency transactions using illicit addresses accounted for 0.15% of total volume, analysts said.
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