Reports Show Government Intends To Imply Stricter Regulations On Cryptocurrency ATMs

In a press release yesterday, the federal agency stated that crypto kiosks, or cryptocurrency ATMs, played a major role in the increasing crimes. The United States GAO (Government Accountability Office) blames crypto kiosks for increasing drug trafficking and human trafficking. Their reason, however, was that cryptocurrency ATMs aren’t as restricted as crypto exchanges, making their transactions harder to track. The GAO projects that it can be more difficult to curtail illegal transactions as crypto kiosks are becoming more and more popular in the U.S. and worldwide. Related Reading | Altcoins Are Encroaching On Bitcoin’s Dominance On Digital Payments To salvage these impending problems arising from crypto kiosks, the GAO recommended that the Financial Crimes Enforcement Network (FinCEN) and IRS cooperate to place more effective regulations on crypto ATMs. While observing the challenges in battling crypto-related crimes, GAO explained that the lack of information about crypto kiosks restrains law enforcement’s capability to defeat crime. Several Agencies Battle Crypto Crimes In the report, GAO also observes how, globally, cryptocurrencies are used in facilitating crimes and trafficking. Also, agencies have arisen to resist the increase of crypto-associated crimes. These agencies include the Immigration and Customs Enforcement (ICE), U.S Postal Service (USPS), and even the Internal Revenue Service (IRS). The Irregula...