Cryptocurrencies and Fraudulent Transactions: Risks, Practices, and Legislation for Their Prevention in Europe and Spain

David Sanz-Bas, Carlos del Rosal, Sergio Náñez Alonso and Miguel Ángel Echarte Fernández
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David Sanz-Bas: Department of Economics, Catholic University of Ávila, Canteros St., 05005 Ávila, Spain
Carlos del Rosal: Independent Researcher, 05005 Ávila, Spain
Miguel Ángel Echarte Fernández: DEKIS Research Group, Department of Economics, Catholic University of Ávila, Canteros St., 05005 Ávila, Spain

Laws, 2021, vol. 10, issue 3, 1-20

Abstract: Cryptocurrencies have been developing very rapidly in recent years, and their use is becoming more and more widespread in different areas. The use of digital currencies for legal uses is advancing along with technological development, but, at the same time, criminal activities are also emerging to take advantage of this boom. The aim of this paper has been, first, to analyze the various ways in which individuals and criminal organizations have taken advantage of the phenomenon of cryptocurrencies to carry out fraudulent activities such as laundering money of illicit origin and, second, to provide an overview of the legal tools that have been developed in this regard in Europe and, more specifically, in Spain to combat these activities. Undoubtedly, cryptocurrencies bring great benefits to the economy, but it is also necessary to know the risks and abuses that have been developed to prevent them.

Keywords: cryptocurrencies; crypto-crime; crypto-legislation; risks; fraud practices; prevention; risk reduction (search for similar items in EconPapers)
JEL-codes: D78 E61 E62 F13 F42 F68 K0 K1 K2 K3 K4 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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