A petition for Crypto Crime Compensation fund submitted to European Parliament

  • Lawyer Jonathan Levy filed a petition asking the European Parliament  to enforce a scheme regarding compensation of crypto-related victims
  • Jonathan suggests that the petition requires the bloc to implement a chain of regulatory schemes
  • The petition 0421/2020 has managed to attain 48 supporters so far, with its current status displaying “available to supporters” on the website of the European Parliament

A petition was filed to the European Parliament to enforce a scheme regarding the compensation of crypto-related victims. The petition 0421/2020 mentions major crimes mainly related to the arena of fraudulent behavior.

Lawyer Jonathan Levy: petition’s author

Lawyer Jonathan Levy, the author of the petition, claims that the petition demands implementing a chain of regulatory schemes from the bloc. These schemes will then ensure compensation for the victims of crypto-related crime activities.

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He noted that until today, there exists no provision of crypto-asset funding for these crypto-related victims. He expressed its dire need in the European Union (EU). He has suggested the implementation of a certain fee on crypto-related transactions. The amount proposed was around a .0001 cent per euro fee. It will be further accumulated as a fund titled the “victim superfund.” 

The details of the petition 

According to the petition, crypto-related crime targets are under constant pressure, and hence, they try to recover their losses in various ways. One of them is the route of legal proceedings in national courts within the EU. 

However, Jonathan claims that these remedies have never turned out to be successful because of the “multi-jurisdictional” characteristic of the crypto transactions. 

Jonathan is a popular figure in the crypto-asset market. His landmark moment was when he represented victims associated with an alleged exit scam. The respective scam was associated with an Irish crypto exchange: Bitsane.

He used this case as a reference to explain how Irish authorities failed to trace the stolen funds. Henceforth, the cities were left helpless.

Previous rejection by the European Commission 

The petition 0421/2020 has managed to attain 48 supporters so far. The updated status of the petition displays “available to supporters” on the European Parliament’s website.

However, the petition’s feasibility remains in a fix. Recently, news.Bitcoin.com reported that the European Commission challenged establishing a Superfund meant for crypto crime victims. The Commission argued that the majority of the crypto crimes happen outside the realm of EU jurisdiction.

It would be interesting to know how Jonathan Levy takes this initiative forward and how many crypto market players come forward in his support.

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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