The ransomware task force (RTF) is suggesting a process to enable a more in-depth way of tracing Bitcoin transactions and other digital asset movements. Cryptocurrency has been vastly used and accepted, plus global investors are flocking to put their funds into it. However, ransomware operators and other criminals use this to receive ransom payments because its anonymity leaves no trace in identifying the real people behind it.

Ransomware is a type of malware that can be forwarded through a phishing email via attachments or links that can be downloaded as a file to your computer. Once it is downloaded to your system, the hacker then locks all your data and demands a ransom to recover it. This malware has afflicted damage to several companies, government agencies, school systems and even hospitals, collecting close to $350 million just last year.

Since the pandemic started, more companies operate their business online which makes them more vulnerable to ransomware threats. The attacks grew exponentially and caused a major disturbance. In response to these threats, RTF or Ransomware Task Force was created in January of this year and consists of 19 companies including Microsoft and McAfee joining together to come up with a solution.

RTF suggested more thorough guidelines to cut through the anonymity of crypto transactions to limit fraud activities. One Homeland Security official added, “This is a world that was created exactly to be anonymous, but at some point, you have to give up something to make sure everyone’s safe.”

The proposal includes expanded licensing requirements for companies using crypto in their operations, tightened KYC requirements and anti-money laundering regulations that will cover crypto ATMs or conversion kiosks. This proposal is pending to be reviewed by Congress.

The task force also supports FinCEN’s motion on the increase in reporting requirements for crypto transactions with more than $10,000 value, to curb the abuse of these impressive technologies.