The role of cryptocurrency in criminal activities in the Western Balkans is becoming increasingly prominent

The latest research from the Global Initiative on Transnational Organized Crime (GI-TOC) shows that virtual currencies are playing an increasingly important role in criminal activities in the Western Balkans. The criminal networks in the region have transferred tens of millions of euros through encrypted wallets. Although the legal use of cryptocurrencies is increasing, the illegal use in the region is also rapidly growing, especially in countries such as Albania and Serbia. So far, there have only been three cases of seizure of cryptocurrency assets in the region. GI-TOC analysts point out that local authorities face challenges in regulations, technical expertise, and cross-border cooperation, making the region vulnerable in combating illegal virtual currency activities.