The European Commission has recently released a report stressing the need for increased scrutiny of users of cryptocurrency exchanges and ATMs, citing concerns over the growing prevalence of darknet marketplaces and the purchasing of illegal substances.
The European Monitoring Center for Drugs and Drug Addiction (EMCDDA) presented the report, advocating for stronger anti-money laundering measures in cryptocurrency transactions.
However, the report also suggests that better police training may be more effective than outright bans.
It is crucial for exchanges and cryptomats to verify the identities of users who cash out illegal proceeds.
While a complete ban on cryptocurrencies may do little to curb dark web activity, law enforcement agencies should explore new investigative methods and encrypted platforms to track cryptocurrencies.
On a different note, the European Commission previously published a report highlighting the potential of the metaverse to create new business opportunities and customer acquisition.
However, concerns have been raised that major players like Meta Platforms may restrict access to this emerging market for smaller European businesses.
In March, the President of the European Central Bank emphasized the importance of the digital euro in securing the autonomy of EU payment systems.