PANews reported on May 15 that the latest research by 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. Criminal networks in the region have transferred tens of millions of euros through crypto wallets. Although the legal use of cryptocurrencies is increasing, illegal use in the region is also growing rapidly, especially in countries such as Albania and Serbia. So far, there have been only three cases of seizure of crypto assets in the region. GI-TOC analysts pointed out that local authorities face challenges in regulations, technical expertise and cross-border cooperation, which makes the region vulnerable in combating illegal virtual currency activities.