The aim of this paper is to illustrate the economic fraud and organized crime do not only work with cash or conventional currencies, but also depend on cryptocurrencies. We will analyze the money laundering process and how cryptocurrencies were integrated in this process and how the law enforcement and government agencies react to this new form of currency. Cryptocurrencies phase out the need for intermediary institutions and enable financial transactions directly between peers. Owing to the transparency provided by blockchain, cryptocurrencies have been preferred by the darknet and other organised criminals. Cryptocurrencies are an emerging form of money that first was born from the creation of Bitcoin in 2009. This type of solely digital currency was meant to be a major rival of the government-backed fiat currency responsibility of the central banking system. The paper contributes to current debates and discussions on cryptocurrencies by introducing new legislation to discourage them from being used in money laundering. This article is a research paper covering cryptocurrencies and their function in moneylaundering.