Odaily Planet Daily reported that the Bank of Italy expressed concerns about the peer-to-peer (P2P) system of Bitcoin in its latest economic and financial research report, calling it a potential "Crime-as-a-Service" platform. The report emphasizes the anonymity of Bitcoin transactions, suggesting that this could facilitate illegal activities such as money laundering. The report notes that Bitcoin's P2P services are not inherently criminal in nature. Nevertheless, its privacy features provide opportunities for those attempting to conceal illegal financial activities to exploit it. The Bank of Italy highlighted that these platforms are particularly vulnerable to abuse in areas with weak anti-money laundering (AML) regulations, such as certain countries identified as high-risk by the Financial Action Task Force (FATF). The report also points out that the DeFi sector poses additional challenges for regulatory oversight. Without intermediaries to enforce anti-money laundering compliance, DeFi platforms could be exploited for illegal purposes. It argues that the lack of centralized control in DeFi makes it difficult to implement traditional regulatory measures, hence new approaches are needed to ensure compliance and prevent abuse. (The Crypto Basic)

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