Bitcoin ETF approvals in the U.S. will boost demand for Crystal blockchain tools

Share this article

The recent approval of Bitcoin ETFs in the US has brought both excitement and challenges as bad actors seek to exploit them for illegitimate gains. Marina Kaustova, COO of Crystal, a blockchain analytics firm, shared her insights into the evolving landscape in an interview with Crypto Brief.

The approval of the Bitcoin ETF further accelerated demand for crystal products, especially from traditional companies looking to ensure compliance when entering the crypto space.

“And now there's no way any traditional financial company can explain to their board of directors that we shouldn't take digital currencies, because it's probably a scam. Not anymore,” Marina said in an interview at Paris Blockchain Week.

Marina noted that while activity among US customers paused during the crypto winter, demand from the APAC region remained steady.

Crystal, which has been serving clients for the past five years, offers analytics software that helps companies understand and mitigate the risks associated with operating in the digital asset space.

“Every developer, every company working in the digital asset space has to worry about how well they are protected from internal threats, how well the solution is built, how well established the security is and also who they are dealing with,” Marina said. He explained.

Crystal has seen growth in demand from APAC customers, and with the appointment of former Ripple director Naveen Gupta as CEO, they are now better prepared to support customers in the Middle East and North Africa (MENA) region.

“Having Navin Gupta join us will bring an incredible experience as we transition from a startup to growing and now serving as an organization,” said Marina. “I'm so thankful that we have this kind of experience now, a big guy like Navin with us.”

When asked about the best jurisdictions for crypto businesses in terms of regulations, Marina explained the challenge of being a cross-border phenomenon. In Europe, initiatives such as the Markets in Crypto Assets (MiCA) regulation are seen as positive steps to ease coordination across jurisdictions.

“Introducing MiCA as a comprehensive anti-money laundering scheme is great because all this coordination will make it easier in a large territory comprising many countries,” Marina said.

Looking ahead, Marina believes that while a global standard for crypto regulation may emerge, there will still be regional specifics similar to online gambling regulations around the world. She emphasized the need for blockchain analytics companies to collaborate to share information about illegal actors and promote transparency in the space.

Love scams, also known as “pork” have emerged as a serious concern in recent years. These emotionally manipulative schemes often target vulnerable individuals and are supported by human trafficking operations in countries such as Myanmar and Cambodia.

“It's too bad. The worst part is that these love scams are powered by compounds built in Myanmar, Cambodia, where people actually live, like prisons, and are forced to do this work to scam people. So it involves a lot of human trafficking at the same time,” Marina explained.

For those who want to explore the world of blockchain analysis, Crystal has a free version of their software called Crystal Lite that is specifically designed for Bitcoin analysis. This tool is popular among journalists and young researchers, and Crystal also offers its solutions to university researchers at no cost.

To stay informed about the latest developments in the blockchain analytics space, readers can follow Nick Smart, Director of Blockchain Intelligence, on LinkedIn, where he shares insights on topics such as romance scams and other emerging trends.

Share this article