UNODC Proposes Penalties for Unlicensed Crypto Firms in Southeast Asia to Combat Growing Cyber Fraud

In response to the surge in cyber fraud across Southeast Asia, the UNODC has recommended penalizing unlicensed crypto firms, which are being exploited by money launderers to enable illegal transactions. The report emphasizes the need for authorities to "identify and prevent" unregulated and unlicensed Virtual Asset Service Providers (VASPs), particularly crypto exchan...