UNODC urges action against unlicensed crypto services

By Ammar Raza - News Contributor
Crypto
Created by Taqi Khan from BTCRead

The United Nations Office on Drugs and Crime (UNODC) has issued a crucial report urging Southeast Asian nations to take a firmer stance against crypto-unlicensed VASPs. Additionally, it will enhance their regulation of organized crime linked to gambling and online fraud.

The report draws attention to the Southeast Asian scene of transnational organized crime. That is rapidly changing, differentiated by highly skilled syndicates and complicated networks involving money laundering, human trafficking, and various service providers.

Investigations show that the use of advanced technologies such as artificial intelligence and cryptocurrency solutions has increased the integration of criminal organizations. These technologies brought in additional illegal activity opportunities.

Even though law enforcement agencies have been taking up the slack, organized crime groups have modified their behaviors, regrouping in the already-known criminal enclaves. This move has equipped them to attack nations worldwide like never before, outstripping government capabilities to handle the rising threat.

UNODC’s recommendations for crypto regulation

The UNODC has proposed several measures to deal with these challenges aimed at Southeast Asian nations, including the Mekong region. The main strategies are to systematically analyze organized crime activities, especially those related to online gambling and VASPs, and to establish a regional intelligence-sharing platform.

The report also emphasizes the need for collaborative research to track illicit financial flows. It stresses the need to raise awareness of organized crime connections to virtual assets and develop robust regulations for VASPs.

In addition, the authorities should be more active in monitoring suspicious transactions. They should focus on enhancing law enforcement training on online gambling operations. A proper strategy that consists of better licensing and firm punishment against unlicensed companies will help in combating this evolving threat.

In Southeast Asia, where these problems are becoming increasingly serious, the UNI stand-in call to action reminds us of the importance of coordinated efforts. These efforts are crucial to ensuring regional security and integrity along the route of increased organized crypto crimes.

Related | 21Shares urges EU for unified crypto regulations

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With a deep enthusiasm for blockchain technology, Ammar offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Years of experience, you can count on him as a reliable resource to remain informed about the latest advancements in the world of crypto.
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