Europol Warns of DeFi and NFT Crimes in EU

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The European Union Agency for Law Enforcement
Cooperation (Europol), has cautioned against escalating criminal activities in
the Decentralized Finance (DeFi) sector. In a report dubbed the “European Financial and Economic Crime Threat Assessment 2023,” Europol
acknowledged the remarkable independence and security offered by blockchain
technology but sternly criticized the DeFi sector.

Blockchain technology,
as the backbone of cryptocurrencies and DeFi platforms, has emerged as a symbol of
independence and security. However, Europol has cautioned against the absence
of regulatory oversight in the DeFi space, which creates a breeding ground for
economic crimes.

Catherine De Bolle, the
Executive Director at Europol, said: “In our globalized world, trade,
technology, and transport bring us closer together and create economic
opportunities and prosperity. However, there is another side to the coin; our
interconnected world is misused and abused by criminal actors involved in
economic and financial crimes.”

Non-fungible tokens (NFTs), which are renowned for their instant…

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