A public-private task force has submitted a report to the Biden administration that includes recommendations for strengthening cryptocurrency regulation to combat ransomware. “The ransomware crime industry needs to be more regulated“, Writes by the working group.
White House calls for tougher cryptocurrency regulation
A task force hosted by the Institute for Security and Technology presented the Biden administration on Thursday with a report entitled “Fight against ransomware»Contains 48 recommendations, some of which are aimed at strengthening the regulation of cryptocurrencies.
These recommendations were developed by the Ransomware Task Force (RTF), which the report describes as “a large coalition of expert volunteers from industry, government, law enforcement, civil society, cybersecurity insurers and international organizations“. Its goal is “provide a strategic framework for a systematic and comprehensive approach to solving the ransomware problem“.
The report states that “ransomware payments are usually made in cryptocurrency“who”difficult to track.” One of the “priority recommendations”The report outlines the following:
The ransomware crime industry needs to be more regulated. Governments should require cryptocurrency exchanges, cryptocurrency kiosks and OTC trading sites to comply with existing laws, including KYC, anti-money laundering and anti-money laundering laws. Against the financing of terrorism.
The report provides some recommendations regarding cryptocurrencies such as “Develop new levers for the voluntary exchange of cryptocurrency payment indicators “,” Encourage voluntary exchange of information between cryptocurrency organizations and law enforcement agencies “and” Centralize expertise in cryptocurrency seizure and expand criminal seizure processes. ““
“The use of cryptocurrencies complicates the identification of ransomware criminals, since payments made using these currencies are difficult to attribute to an individual, ”the report explains. “Ransomware criminals can also hide their transactions using ‘blending services’. cryptocurrencies.He also notes that some groups will also request payment in privacy currencies such as Monero. However, the working group noted that these coins are currently “not as liquid as Bitcoin and other cryptocurrencies.“
RTF members include the United States Federal Bureau of Investigation (FBI), the United Kingdom’s National Crime Agency (NCA) and representatives of the United States Secret Service (USSS), the United Kingdom’s National Cyber Security Center (NCSC). United Kingdom and the National Cybercrime Coordination Team of the Royal Canadian Mounted Police.
“Ransom paid by private companies siphons millions of dollars annually from criminal organizations.“, Adds a report, noting that”The total amount paid out by victims of ransomware increased by 311% in 2020, reaching nearly $ 350 million in cryptocurrency.“