French-Austrian Tech Collaboration Aims to Fight Crypto Crimes

French-Austrian Tech Collaboration Aim to Fight Crypto Crimes

NIGMA Conseil, a Blockchain security firm located in France, has concluded an agreement with the AIT Austrian Institute of Technology to combat crypto crimes.

Both parties have worked to boost the blockchain analytics and anti-money laundering of the e-NIGMA platform.

Under the agreement, both parties will build on AIT’s open source cryptocurrency forensics platform GraphSense.

Fabien Tabarly, CEO of NIGMA Conseil, said:

“The synergy between a leading European academic research institute and our team of developers has been instrumental in implementing the most innovative tools to fight financial and crypto crimes in virtual currencies.”

According to a press release, E-NIGMA is a comprehensive blockchain tool for knowing your customer (KYC) / anti-money laundering (AML) compliance and transaction monitoring. In addition, it is used in due diligence investigations serving digital asset companies as well as banks and government agencies.

France likely to test CBDC in Q1-20

Experts believe that many countries around the world have witnessed a great improvement in 2019 as regards crypto regulations and adoption of blockchain technology.

Earlier, Cryptolydian reported that France was on the sidelines of blockchain adoption, until François de Galhau, the governor of the Bank of France, said the institution was ready to launch a pilot project for a central bank digital currency in the first quarter of 2020.

On the other hand, French Minister of Economy Bruno Le Maire said crypto-to-crypto transactions will no longer be subject to tax. “However, sales of cryptocurrencies for fiat will still be taxable with the nation’s treasury.”

Meanwhile, the US is considered a trendsetter as regards blockchain technology and cryptocurrency adoption, and most countries in the world act in light of the US vision.

In addition, all digital assets will be equated with fiat currencies and subject to the same tax and supervision procedures.

“Some countries now consider cryptocurrencies legal tender, while many viewing them as commodities,” said Alina Kiselevich, employee at Enigma Securities.

“Governments around the world are keenly aware of the problem that the technology is rapidly outpacing the laws that govern it,” he added.

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