Those in the crypto space believe that the industry is risky, but they think they know how to counteract that uncertainty.
In collaboration with YouGov, the Royal United Services Institute (RUSI), and the Association of Certified Anti-Money Laundering Specialists (ACAMS), a survey was conducted on the authorities‘ perception of the crypto currency industry.
„The RUSI-ACAMS Cryptomoney Risk and Compliance Survey provides unprecedented information on how governments, the cryptomoney industry, traditional financial institutions and others view the use of cryptomoney, including its inherent risks and the strength of compliance controls within the cryptomoney sector,“ the survey said.
The project questioned authorities around the world, and ultimately received 566 different perceptions. The survey revealed a number of findings, including disagreement over the safety of crypto use. The main entities surveyed see the asset class as risky. The cryptomoney industry participants surveyed also view the asset class as risky, but felt they possessed the knowledge, skills and tools to reduce potential threats to a benign level, according to their survey responses. This included industry participants who were knowledgeable about anti-money laundering and anti-terrorist financing procedures.
The survey mentioned the concerns of both camps on the issue of the nefarious use of crypts, in anticipation of further guidance and regulation. „While the use of cryptology by criminals only accounts for about 1% of all transactions, it remains an attractive location for those who avoid the traditional financial system,“ the survey said.
The findings also reported:
„Respondents also indicate that despite current scepticism about the role of kryptonews in promoting financial inclusion, there may be more room for it in the future. Respondents predict both a greater role for cryptomoney in everyday payments in the future and a decrease in the use of cryptomoney for illicit activities, especially compared to how it looks now.
Given the large number of attacks and mishaps in recent years, cryptology industry participants must strive to be aware of the risks involved, making preventive measures a key component of the space.