The fight against money laundering requires regulation of P2P peer-to-peer exchange (P2P) platforms. On the occasion of the V20 Summit held in November 2020, the Financial Action Task Force on Money Laundering (FATF) announced regulatory requirements. Like the regulation of virtual asset service providers (VASPs), the FATF aims to implement regulatory requirements to combat money laundering by 2021. Crystal's team conducted a P2P transaction balance sheet analysis to see if the FATF's intentions to introduce stricter regulations affected the amount of Bitcoin transferred through these decentralized platforms between January 2019 and December 2020.
According to the report of this analysis, 5 main conclusions are to be retained. Among others : amounts sent and received (in US dollars) by P2P exchanges in December 2020 increased by 164% and 197% compared to January 2019 ; amounts received and sent (in Bitcoin) in December 2020 decreased by 55% and 50% compared to January 2019 ; the popularity of P2P platforms has declined ; amounts sent and received in Bitcoin on P2P exchanges recorded a rapid decline in November and December 2020.
Recall that Crystal Blockchain is the blockchain analysis tool for cryptocurrency compliance as part of the fight against money laundering.