{"id":87006,"date":"2023-11-14T13:44:43","date_gmt":"2023-11-14T11:44:43","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87006"},"modified":"2025-09-13T09:07:32","modified_gmt":"2025-09-13T06:07:32","slug":"eaeu-states-to-standardise-the-labeling-of-illicit-bitcoin-transactions","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/eaeu-states-to-standardise-the-labeling-of-illicit-bitcoin-transactions\/","title":{"rendered":"EAEU states to standardise the labeling of illicit Bitcoin transactions"},"content":{"rendered":"<p>In Kazakhstan, the International Association of Crypto Compliance (WACC) will be established to implement unified AML\/CFT standards in the market, according to Dmitry Machihin, founder and CEO of BitOK.<\/p>\n<p>The new public association will be formed by leading industry figures from the <span data-descr=\"\u0415\u0410\u042d\u0421\" class=\"old_tooltip\">EAEU<\/span>. The head of WACC will be elected at the first congress.<\/p>\n<p>Among the association&#8217;s objectives:<\/p>\n<ul class=\"wp-block-list\">\n<li>certification and training of AML specialists, banking staff, and software development;<\/li>\n<li>cooperation with similar associations in the EAEU and beyond;<\/li>\n<li>standardisation of AML procedures and address tagging among local providers;<\/li>\n<li>ensuring VASP compliance.<\/li>\n<\/ul>\n<p>The announcement was made during the UN Office of Counter-Terrorism congress held in Tashkent on 14 November. Representatives of the <span data-descr=\"Organisation pour la s\u00e9curit\u00e9 et la coop\u00e9ration en Europe\" class=\"old_tooltip\">OSCE<\/span>, Interpol and other organisations countering criminal activity, as well as participants from the crypto industry, also attended.<\/p>\n<p>During his remarks, Dmitry Machihin stated that states exaggerate the role of illicit cryptocurrency transactions, using this to justify various bans at national levels.<\/p>\n<p>According to him, in the first half of 2023 there was a decline in the volume of operations related to illicit activity \u2014 more than 60% compared with the same period in 2022.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abThe share of \u201cdirty\u201d cryptocurrencies does not exceed 1% of total volume. Meanwhile, the number of wallets is significantly higher than the actual number of users making transactions \u2014 no more than 100 million,\u00bb the speaker explained.<\/p>\n<\/blockquote>\n<p>Machihin believes that exchangers, exchanges and protocols are not doing enough on AML\/<span data-descr=\"Know Your Transaction\" class=\"old_tooltip\">KYT<\/span>, and providers of blockchain-analytics solutions lack a common approach to address tagging. It is precisely this problem that WACC is meant to solve, the expert concluded.<\/p>\n<p>In December 2022, the OSCE and the UNODC <a href=\"https:\/\/forklog.com\/en\/news\/osce-outlines-details-of-project-to-curb-illicit-use-of-cryptocurrencies-in-ukraine\">announced a project<\/a> to combat the criminal use of cryptocurrencies in Ukraine.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Kazakhstan, the International Association of Crypto Compliance (WACC) will implement unified AML\/CFT standards in the market.<\/p>\n","protected":false},"author":1,"featured_media":87007,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1292,153,36,1247],"class_list":["post-87006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-aml-kyc","tag-kazakhstan","tag-regulation","tag-united-nations"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=87006"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87006\/revisions"}],"predecessor-version":[{"id":87008,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87006\/revisions\/87008"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/87007"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=87006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=87006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=87006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}