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US Bitcoin ETF approvals skyrocket demand for crystal blockchain tools

With the new Bitcoin ETF approvals in the US, there’s a lot of buzz and problems – people trying to take advantage of the situation for illegal profit. Marina Khaustova, the COO of Crystal, a company that analyzes blockchain, discussed these changes with Crypto Briefing.

Crystal’s tools: vital amidst crypto market expansion

The green light for Bitcoin ETFs has boosted the need for Crystal’s tools, mainly from conventional companies aiming for compliance as they step into the world of crypto.

Marina discussed important developments during the Paris Blockchain Week and made an impactful statement about traditional financial companies.

She claimed that it’s no longer possible for these entities to convince their boards that they should avoid digital currencies due to potential scams. This stance has indeed changed substantially over the recent years.

Marina pointed out that despite a dip in activity from US customers during the tough crypto market conditions, interest from the Asia-Pacific region stayed steady. Crystal, having a track record of five years, offers software for analysis. This helps companies grasp the risks of navigating the digital asset world and create strategies to deal with them.

She also emphasized the importance of security in the digital asset space. She stressed that each builder and each company operating in this sector must consider their level of protection from internal risks. They need to evaluate how robust their solutions are, the strength of their security measures, and the nature of their interactions with others.

With the hiring of ex-Ripple Director Navin Gupta as CEO, Crystal has experienced an increase in demand from APAC customers. Now, the company is also well-prepared to assist clients in the Middle East and North Africa MENA.

Marina expressed her gratitude for Navin Gupta joining the team, emphasizing the vast experience he brings. She alluded to the fact that their transformation from a startup to scaling up would significantly benefit from having such a senior person like Navin onboard.

Discussing the top regulatory environments for crypto businesses, Marina noted the difficulties inherent in crypto’s global nature. She sees moves like Europe’s Markets in Crypto Assets (MiCA) rules as steps forward in better coordinating these activities across borders.

As Marina explained, the introduction of MiCA as a general anti-money laundering effort is beneficial as it simplifies coordination within a vast territory comprising numerous countries.

Combatting romance scams

Marina foresees a potential universal guideline for controlling cryptocurrency, similar to how online gambling is regulated differently worldwide. She highlights the necessity for blockchain analysis companies to share intel on suspicious activities and to foster openness in the field.

Romance scams, often referred to as “pig butchering,” have become a big problem lately. These emotionally charged frauds usually prey on susceptible people and are often linked to human trafficking networks in places like Myanmar and Cambodia.

Marina disclosed the harsh realities of romance scams, revealing that they are not as harmless as they initially appear. She explained the disturbing link these scams have to human trafficking, stating that the operations often hinged on exploited individuals who are forced into executing these scams.

Trapped and enslaved, these unfortunate workers are based in compounds in Myanmar and Cambodia, where they function under unspeakable conditions that resemble prison conditions.

If you’re curious about blockchain analytics, Crystal has a free version of their software known as Crystal Lite. It’s tailor-made for Bitcoin analysis and is a hit with journalists and budding researchers. Plus, university researchers can also use it free of charge.

Keep updated on what’s happening in blockchain analytics. Check out Nick Smart, who leads Crystal’s Blockchain Intelligence, on LinkedIn. You’ll find his regular posts on hot topics like romance scams and other new trends very enlightening.