Resume
Unusual Business Transactions at Services Providing Exchange of Virtual Currencies[1]
Associate Professor RNDr. Tatiana Hajdúková, PhD., Academy of the Police Force in Bratislava, Slovak Republic, Department of Informatics and Managment
JUDr. Samuel Marr, LL.M, Faculty of Law Comenius University in Bratislava, Slovak Republic, Department of Criminal Law, Criminology and Criminalistics
Abstract
The increasing confidence in safety and anonymity of transactions provided by the blockchain technology causes the popularity of investing into cryptocurrencies to likewise increase. However, using new technological processes puts pressure on demands on securing control of online financial flow, thus, a few application problems arise. Those include problems in the legislative area, law enforceability, as well as denying access of sanctioned persons to financial assets. The empirical part of the article focuses on analysing a case study of criminal offences committed by a particular subject providing money exchange services using virtual currencies in the Slovak Republic. The text of the paper discusses the possibilities of cryptocurrency abuse in the mediation of financial transactions that are in some way linked to socially undesirable activities. This study argumentatively points out safety risks of providing services of exchanging virtual currencies by chosen businesses, particularly those engaging in unusual exchanges without doing background checks on their clients and their operations, and therefore breaking the legal regulations.
Keywords: cryptocurrency, exchange services, legalisation, criminal offences, anonymity of transactions.
[1] The paper was prepared with the support of the project Slovak Research and Development Agency No. APVV-19-0102 − “Effectiveness of preliminary proceedings – examination, evaluation, criteria and the impact of legislative changes”.