Cryptocurrency’s growing role in criminal activity in the Western Balkans

According to a PANews report on May 15th, the latest research by the Global Initiative Against Transnational Organized Crime (GI-TOC) indicates that virtual currencies are playing an increasingly important role in criminal activities in the Western Balkans. Criminal networks in the region have transferred millions of euros through crypto wallets. Although the legal use of cryptocurrencies is increasing, illegal use is also rapidly growing, particularly in countries like Albania and Serbia. To date, there have been only three cases of cryptocurrency seizures in the region. GI-TOC analysts point out that local authorities face challenges in regulations, technical expertise, and cross-border cooperation, which makes the region vulnerable in combating illegal virtual currency activities.