UNODC Urges Crackdown on Unlicensed Crypto Firms in Southeast Asia

The UN agency highlights the role of technology in escalating organized crime and cyber fraud in the region.

The UNODC reports a surge in crypto-related cyber fraud in Southeast Asia, with losses estimated up to $37 billion in 2023.
Organized crime groups are exploiting underregulated crypto exchanges and online gambling platforms to launder money.
Generative AI has significantly increased the scale and sophistication of cybercrimes, including a 600% rise in deepfake incidents.
The report calls for Southeast Asian governments to criminalize unlicensed virtual asset service providers (VASPs).
Telegram's minimal moderation is cited as a key enabler for criminal networks, despite recent efforts to curb illegal activities.