Chainalysis’ “2024 State of Cryptocurrency Investigations Report” reveals a significant increase in crypto-related crime in the Asia-Pacific (APAC) region. This surge in illicit activities is exacerbated by a lack of legal resources, hindering the region’s ability to effectively combat and manage the threat of crypto crime.
Hayato Shigekawa, principal solutions architect at Chainalysis, highlighted the challenges faced by law enforcement agencies in APAC. They are struggling to address the growing number of crypto-related crimes, such as drug trafficking, cybercrime, and intellectual property crime. Despite the increasing importance of crypto crime investigations, many agencies are dissatisfied with the available legal resources.
Survey respondents in the APAC region displayed negative perceptions of crypto when compared to other regions. This pessimism stands in stark contrast to the more optimistic views reported in Latin America and Europe, the Middle East, and Africa.
The report underscores the need for improved education on the intricacies of cryptocurrencies in APAC. With low satisfaction rates in staffing and technical capabilities of legal resources, there is a demand for technical resources to enhance investigative efforts. Additionally, access to educational materials is crucial, as nearly half of the respondents admitted to having limited knowledge about cryptocurrencies.
Overall, the report emphasizes the urgency for better training and educational resources to address the rise in crypto-related crimes in the Asia-Pacific region.