Crypto mixer: It will be difficult to keep up with an agile industry

"What does a washing machine bring that only washes clean laundry?" The Follower from Wasabi Wallet are unimpressed by the starting plans Blocking Means used by money washers to avoid discovery.

so -called coin joins enable retailers to mutrigure themselves by combining their transactions into a kind of virtual cocktail shaker; After decanting, there are only a few traces of test for the original origin of the coins. Users of some of this software pay a staggered fee that increases in the mix depending on the number of parties.

This makes it popular with self -proclaimed libertarian and criminals. Anonymity is the indispensable prerequisite of crypto, a currency that is designed in such a way that it is not traceable and not tied up by state supervision.

It is not surprising that the supervisory authorities are less enthusiastic. The British National Crime Agency calls for a regulation of decentralized crypto mixers. Other wax dogs that eagerly close loopholes for the bypass of sanctions that were imposed after the war in Ukraine against Russia are increasing.

The push pull between industry and supervisory authorities will stop. The impairment of privacy is crypto company against the grain. An early coinbase investor presentation received by Washington Free Beacon described the immunity of Bitcoin as an advantage over country-specific sanctions. (It has changed since then.) Later, in 2017, it claimed a partial victory by reducing the claim of the US tax authorities from half a million accountants to 14,000-but it was still annoyed by an action that saw it as "unjustified and invasive".

Exactly these freedoms are also used by criminals. Elliptic, which analyzes cryptocurrency transactions, assumes that 15 percent of all revenues from cryptocurrency crime were led by mixers last year. A European report showed that 30 percent of the transactions on Wasabi came from the Darknet over a three-week sample period. This is 30 times the entire transaction volume.

Further changes are in sight. But industry participants are used to acting quickly; You have access to numerous open source technologies and a lot of capital. The responsibility lies with the regulatory authorities to keep up.