Reading Time: 2 minutes
Ransomware taskforce proposes aggressive Bitcoin transaction tracing measures and tighter licensing policies for businesses handling digital assets. With an increase in ransomware activities, governments and industries have teamed up to fight against it.
The ransomware task force will involve law enforcement agencies such as the FBI, the US secret service agents who will work alongside representatives from reputed security and tech firms.
According to Reuters, the task force will call for new guidelines that will try to penetrate the anonymity of digital asset transfers which will be reviewed by Congress.
Ransomware taskforce proposes aggressive Bitcoin transaction tracing measures
- Tightened KYC requirements for crypto-asset exchanges
- Expanded licensing requirements for entities operating with cryptocurrencies
- Extending anti-money laundering laws to better canvas the operations of crypto conversion kiosks and ATMs.
- Support Financial Crimes Enforcement Network’s push to increase the reporting requirements for transactions valued at more than $10,000.
The official from One Homeland Security said the proposed guidelines would be huge for law enforcement efforts to comb narcotics traffickers, human smugglers, and other actors engaging in illicit activities under the cover of crypto-pseudonymity.
He further said though this sort of a world was created to remain anonymous, you need to give up something to make everyone safe.
After a record year for ransomware attacks, where the hackers manage to collect around $350 million during 2020 — up 200% from the previous year. The major target on the hackers list being government agencies, hospitals, educational institutions, and private companies.
According to the task force, ransomware operators seemed to have friendly relations with countries such as North Korea, Russia, and other nation-states whose interests appear to oppose those of the United States.