The post UN Agency Calls for Urgent Action on Crypto-Enabled Crimes in Southeast Asia appeared on BitcoinEthereumNews.com.

The United Nations Office on Drugs and Crime (UNODC) expressed deep concern about crypto’s role in facilitating illicit activities across Southeast Asia. It notes that the existing underground banking infrastructure, including underregulated casinos, junkets, and illegal online gambling platforms, has increasingly adopted crypto as a tool for crime. UNODC Raises Alarm Over Crypto In its latest report, the UN agency claimed that the rise of high-risk virtual asset service providers (VASPs) has created a new avenue for criminal enterprises to operate without accountability, further entrenching these activities. As such, UNODC called for urgent action, recommending enhanced monitoring of organized crime within casinos, junkets, and cyber fraud operations, alongside improved training for authorities in identifying sophisticated money laundering methods enabled by crypto. The report asserted that, while not all scams in the region involve crypto, it remains a favored payment option among scammers due to the ease of rapid cross-border transactions. This reality, compounded by misinformation and inadequate law enforcement cooperation, further highlighted the urgent need for greater regulatory oversight in the crypto space, the UNODC added. In a statement, UNODC Regional Representative for Southeast Asia and the Pacific, Masood Karimipour, said, “Leveraging technological advances, criminal groups are producing larger scale and harder to detect fraud, money laundering, underground banking and online scams. This has led to the creation of a criminal service economy, and the region has now emerged as a key testing ground for transnational criminal networks looking to expand their influence and diversify into new business lines.” Tether in Spotlight, Again The UN agency also reported that Tether (USDT), particularly on the TRON blockchain, has become the preferred stablecoin for transnational criminal networks in East and Southeast Asia. These networks, involved in cyber-enabled fraud and money laundering, favor Tether for its efficiency in moving stolen funds. While stablecoins…

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Filed under: News - @ October 12, 2024 8:51 pm