A new report from the Crypto-Information Sharing and Analysis Center (ISAC) shows that cash is far more prevalent in illicit activity around the world than cryptocurrency.

Despite cryptocurrencies gaining a reputation as a tool for facilitating crime, crypto-related crime rates have dropped sharply in 2024.

Co-author Robert Whitaker argues that cryptocurrencies are actually beneficial to law enforcement due to their public and traceable nature, which contrasts with the anonymity of cash. The report aims to educate policymakers and stakeholders on the value of blockchain technology as a tool for legitimate activity.

While the infamous Silk Road accounted for a significant portion of Bitcoin transactions before its closure in 2013, cash is now more commonly used in complex money laundering schemes and other illegal activities.

The report highlights that recent regulations have made cryptocurrency less attractive for illicit transactions as robust tracking mechanisms have been put in place.

To combat the remaining criminal activity in the crypto space, ISAC calls for international cooperation between regulators and industry players. This collective effort aims to create better compliance standards and develop effective strategies to minimize the illicit use of cryptocurrency.