UN Calls on Southeast Asia to Crack Down on Unlicensed Crypto Exchanges
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
The United Nations Office on Drugs and Crime (UNODC) has urged Southeast Asian nations to criminalize the operation of money service businesses or virtual asset service providers (VASPs) without a proper license.
The recommendation comes amid concerns that some VASPs, including those linked to criminal networks, are facilitating transactions for illicit activities like fraud and high-risk gambling operations, according to a recent report released by the agency.
The report highlighted that one unnamed entity had conducted transactions worth “at least hundreds of millions of dollars” with criminal organizations.
These organizations include groups involved in large-scale drug and human trafficking, cybercrime, and child sexual exploitation, as well as entities under sanctions by the U.S. Office of Foreign Assets Control (OFAC).
Additionally, the report mentions wallets tied to North Korea’s Lazarus Group, a notorious hacking syndicate.
“It is more critical than ever for governments to recognize the severity, scale, and reach of this truly global threat, and to prioritize solutions that address the rapidly evolving criminal ecosystem in the region,” Masood Karimipour, UNODC’s regional representative, said.
High-risk virtual asset service providers across #SoutheastAsia have now emerged as a new vehicle through which criminal industries can expand their activities without accountability.
The solution? Increased awareness and information sharing among law enforcement.
