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Increased Complexity of Cryptocurrency Results in Harsher Penalties for Australian Offenders (Study)
A study conducted by RMIT University in Melbourne estimated that Australian offenders utilizing cryptocurrencies, such as bitcoin, in their activities faced more severe penalties compared to those who relied on fiat currency.
The research highlighted the function of digital currencies on the Dark Web, asserting that they are among the primary payment options available in that space.
Less Leniency for Criminals Using Crypto
The examination analyzed 59 instances involving individuals who employed cryptocurrencies in their illegal activities from 2013 to 2022. Almost 80% were associated with drug trafficking, while the other charges included money laundering and firearms offenses.
Lisanne Adam, a co-author of the research, noted that judges perceived digital currencies as a sophisticated element in the crimes, leading to more severe sentences for the offenders:
“One reason for this is that cryptocurrency is the only method of payment on dark web marketplaces, and sentencing judges are keen to send a message to deter potential offenders.”
She further elaborated that digital currencies appeal to criminals due to their capacity to enable “seamless global transfers without the friction of the traditional banking system and in a way that can be difficult to identify.”
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However, Adam contends that magistrates should adjust to the evolving technology and impose appropriate sentences based on the crimes committed rather than the payment methods utilized:
“There is a risk that law enforcement prosecutors characterize cryptocurrency as a marker of sophistication in crime, which is not always the case. Law enforcement need to effectively determine the level of sophistication in the crime and present a fair case.”
Crypto Gains Popularity in Australia
An Independent Reserve study recently found that over 25% of Australians (as of the end of 2022) were HODLers. The asset class is particularly appealing to younger generations, with 40% of respondents aged 25-34 having some exposure to crypto. In contrast, fewer than 10% of individuals over 65 years old have engaged with it.
Awareness of cryptocurrencies was also notably high in Australia. Bitcoin remained the most recognized digital currency, with 90.8% of participants aware of its existence. Approximately 43% had some familiarity with Ethereum, while other well-known assets included Dogecoin (DOGE), Cardano (ADA), Ripple (XRP), Solana (SOL), and Tether (USDT).
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