The crypto industry is less risky than perceived by outsiders.There is a survey that was done to know the perception of the crypto industry. YouGov conducted it in collaboration with the Royal United Services Institute and Association of Certified Anti-money Laundering Specialists.
From the survey, RUSI-ACAMS Cryptocurrency Risk & Compliance Survey gave insights on how governments, the crypto industry, traditional financial institutions and others perceive cryptocurrency use, including its risks.
Different authorities were questioned worldwide, which gave a total of 566 insights. From the survey, various opinions were gathered, including issues n the safety of crypto-assets. From the survey report, it was clear that many mainstream entities associated asset class with being risky. Other crypto industry enthusiasts also believed asset class was dangerous only that they had more knowledge, skills and tools to deal with it accordingly. Different participants were interviewed, including those with an in-depth understanding of Anti-Money Laundering and deal with the financing of terrorism procedures.
From the survey, it could be gathered that only 1% of crypto users use it for illegal ordeals; hence the rest can be used by those who want a better improvisation from the traditional financial system.
Future of cryptocurrency
The responses from the survey indicate there is still so much scepticism on how cryptocurrency promotes financial inclusion, but that does not mean it does not have a future. There is still so much space for it in future.
There is currently an increased use of cryptocurrency in everyday payments, and it is likely to grow with time. With the increased regulations on cryptocurrencies, there is a steady decrease in the use of cryptocurrencies for illicit activities.
Many governments have introduced KYC (Know your customer) and Anti-money Laundering procedures to ensure that cryptocurrencies are not used for money laundering and illegal ordeals.
There is a series of tactics used by hackers over time that crypto enthusiasts should be aware of by now. Users should be aware of them to know how they can fend themselves from being hacked. There are also risks that one should learn to understand how to deal with them. For example, there are security measures one can take to ensure their crypto is safe such as 2 Factor Authentication.