No. 31 - Report on crypto-assets and the risk of money laundering by Michele Manna, Irene Cesarotto, Marco Militello and Andrea Silvestrini

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July 2025

JEL Classification: G10, G23, K24, O33.

Keywords: crypto-assets, anti-money laundering, financial markets, MICAR.

The report analyzes the crypto-asset (CA) sector from technological, regulatory, and market perspectives, with a focus on anti-money laundering and counter-terrorism financing (AML/CFT). The interdisciplinary approach aims to make this complex and rapidly evolving phenomenon easier to understand for a broad audience. The document highlights the sector’s strong heterogeneity and the challenges this poses to authorities. It also presents indicators useful for monitoring its development and suggests concrete actions to strengthen analytical capacity, as well as to enhance cooperation at the European level.