There are projections that suggest illicit cryptocurrency transactions will reach $51 billion by 2024, but the share of total transaction volume is expected to decline. This information comes from a report by Chainalysis.
According to the report, illicit activities in the crypto space have been a cause for concern among regulators and law enforcement agencies. However, the share of illicit transactions has decreased over the years. In 2019, illicit activity made up 2.1% of all cryptocurrency transaction volume, down from 3.3% in 2018.
Chainalysis also found that the total value of cryptocurrency transactions increased between 2018 and 2019, rising from $202 billion to $654 billion. Despite the growth in overall transaction volume, the share of illicit activity has decreased, which is a positive sign for the industry.
The use of cryptocurrencies in illicit activities has long been a point of contention in the industry. However, the data suggests that efforts to crack down on illicit use of cryptocurrencies are having an impact. With increased regulatory scrutiny and advancements in blockchain analysis technology, it is becoming more difficult for criminals to use cryptocurrencies for illegal purposes.
It is important for the industry to continue working together with regulators and law enforcement agencies to ensure that cryptocurrencies are used responsibly. As the space continues to evolve, it is crucial to prioritize security and compliance to prevent illicit activities and foster trust among users.
