The Australian law enforcement authorities have been working day and night to expertly deal with the cryptocurrency industry and issues.
For this purpose, the authorities in Australia have even set up a police group that is dedicated to tracing and monitoring cryptocurrency transactions.
Australia is Gearing Up for Cryptocurrencies
Australia is among the fastest-growing countries in terms of cryptocurrency adoption. The participation level of the individual as well as industrial investors is constantly rising towards cryptocurrencies.
Therefore, it has become very important for law enforcement and regulatory authorities in the country to brace for the shortcomings related to the cryptocurrency industry.
It is crucial for the authorities to ensure they have their local and corporate investors protected from inadequacies found in the world of cryptocurrencies.
Out of all the activities in the cryptocurrency industry, the segment that needs the most amount attention is transactions and their flow.
For this purpose, the authorities have a completely dedicated group whose sole priority is monitoring cryptocurrency transactions. Their actions will be based on the discrepancies or risks involved in cryptocurrency transactions.
Their actions will be based on the eradication of any illicit factors from the transactions flowing through the cryptocurrency and blockchain channels.
Why AFP Introduced a Dedicated Group?
The Australian Federal Police (AFP) has also revealed the reason why they had to dedicate a group towards the transactional activities within the crypto-verse.
The criminal asset confiscation command’s national manager of the Australian Federal Police, Stefan Jerga provided the reason behind launching a dedicated group.
Jerge revealed that in recent years, the adoption level of cryptocurrencies has increased tremendously in Australia. With the increase in cryptocurrency adoption, criminal activities are on the rise in the country.
The first seizure the Australian Federal Police carried out against illicit transactions in cryptocurrencies was back in 2018. Following the seizure of funds, the AFP had decided that they would be forming a particular group in the upcoming days.
Finally, the authorities have launched a particular group to control the flow of transactions in the crypto sector.
The AFP has already achieved the 2024 Target
The AFP has announced when they started monitoring illicit transactions in the crypto sector, a target was set for seizing a certain amount of funds until 2024.
The target set by the AFP for illicit crypto transactions was $600 million. Surprisingly, they have already achieved their target of seizing $600 million worth of funds.
With the launch of a dedicated group, the Australian authorities will be able to regulate and monitor cryptocurrencies in a highly sophisticated manner.