Stablecoins are increasingly used in criminal activities, Gafi warns

Stablecoins are increasingly used in illegal activities, according to a recent report of the International Financial Action Group (GAFI).

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• The GAFI estimates that in 2024 there were USD $ 51,000 million in illegal on-chain activities.
  
• The stablecoins exceeded a total capitalization of USD $ 250,000 million this month.
  
• Only 99 jurisdictions have legislated the “Travel rule” To stop this phenomenon.

The rise of the stablcoins has brought with it not only greater adoption of the crypto ecosystem, but also new regulatory concerns. According to a report published this week by the International Financial Action Group (GAFI), These digital assets already represent most of the illegal activity recorded in Blockchain.

The international agency specialized in the fight against money laundering and terrorism financing (AML/CFT) He warned that the massive use of Stablecoins could amplify the risks related to illicit financing, especially if its regulation is implemented unequally between different jurisdictions.

USD $ 51,000 million in cryptofraud for 2024

In his most recent report, reviewed by COINDESKhe GAFI estimates that During 2024 approximately USD $ 51,000 million were registered in illicit activities related to scams and frauds in Blockchain. A significant portion of these flows would have been facilitated through the use of stablecoins, tokens whose value is linked to that of traditional fiduciary currencies such as the dollar or the euro.

This growth in the use of stable currencies for illegal activities occurs in parallel with a market expansion: for the first time, the total capitalization of the stablocoins ecosystem exceeded USD $ 250,000 million at the beginning of this month. This figure reflects the growing institutional and consumer interest, encouraged in part by advances in crypto regulation within the United States and other regions.

The “Travel rule”key but still insufficient

He GAFI also stressed the importance of “Travel rule” (Travel Rule)a set of requirements aimed at guaranteeing transparency in cross -border payments through the exchange of information between virtual asset service providers (Vasps).

Currently, 99 jurisdictions have already approved or are in the process of implementing these regulations. However, the international body recognizes that, despite these advances, there are still difficulties in clearly identifying natural or legal persons who carry out activities such as activities such as Vasps

One of the persistent challenges is the interoperability between jurisdictions and the lack of technical standardization, which hinders the effective fulfillment of the rule.

For its part, the firm specialized in crypto compliance Notabene published in April a study on the state of adoption of the “Travel rule”. In the survey, carried out to 91 companies in the sector, 90% of the Crypto suppliers said that it hopes to fulfill this regulation before mid -2025. All respondents claimed that they plan to comply with the rule at the latest by the end of the year.

These data reflect an apparent commitment from the private sector, but the lack of international coordination could continue to be an obstacle. He GAFI He has urged national authorities to reinforce cooperation and accelerate the technical implementation of these mechanisms.

Financial stability and emerging risks

The stablecoins have been promoted as a solution to improve efficiency in global payments, but their growth without a uniform regulatory framework could generate important vulnerabilities. The report of GAFI concludes that systemic risk will increase if frames AML/CFT They do not adapt to the rhythm of technological advance.

The debate between innovation and control intensifies. While some countries bet on a flexible regulation that fosters the development of decentralized finances, others adopt a more restrictive position, precisely because of the risks indicated by the GAFI.

In an increasingly complex and globalized environment, regulatory harmonization will be key to preventing Stablecoins from becoming the favorite vehicle of financial crime.

Article written by a content editor. Edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain

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