NEAR Co-founder Illia Polosukhin: The Crypto Industry Should Proactively Curb Criminal Activities

On September 29, Illia Polosukhin, co-founder of NEAR Protocol, stated that the crypto industry faces a choice: to either mature further or be marginalized without regulation. He pointed out that decentralization does not equate to disorganization, and claiming that decentralized systems cannot take action is not accurate. Illia emphasized that banks use AI to identify fraud, but their systems are highly centralized and rely on KYC, which does not address the real issues. The crypto industry has richer data and talent to establish systems that do not depend on KYC and effectively curb criminal activities, ensuring the freedom of legitimate users. He believes that through industry collaboration, criminal activities in the crypto space can be gradually eliminated; compared to the market size that drives overall economic activities on-chain, the market size corresponding to criminal activities is much smaller.

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