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Crypto Mixing Technology Regulation From NCA

As a center of attention, everyone discuss about crypto anywhere.

Hence, a lot of sides try to fit with the digital coins.

There are several way use to arrange crypto.

The U.K.’s National Crime Agency (NCA) announce the plan for the regulation of crypto mixing technology.

Later, it can disguise transactions which would otherwise been traceable on the blockchain, according to a report by the Financial Times.

“CoinJoin” as a crypto mixers that can be use by criminals.

It can be operate to disguise the origin of cryptocurrency through multiple parties.

In addition, it also contributing many inputs to a transaction, obfuscating the details of its origin.

Gary Cathcart, the NCA’s head of financial investigation, give his opinion in an interview with .

He said “They can be use to provide a “layering” service, churning criminal cash obscuring its origins and audit trail. similar to how a cash business might be used by criminals to legitimize cash through the banking system,”

The NCA wishes for regulation that would require mixers to comply with money laundering laws.

Bitcoin Bullish Trajectory Remains Intact, but December Jumps Above $100,000 Appears Unlikely According to Analysts

That is to say, they need carrying out customer checks and audit trails of funds swapping hands on their platforms.

Moreover, coinJoin usage hit a peak of 65,000 BTC ($2.5 billion) in January 2021.

Equivalent to 0.35% of the total bitcoin transacted that month.

Furthermore, crypto exchanges and wallet developers such as Wasabi have responded to crypto mixing by barring transactions from their services that facilitate CoinJoins

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