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Cryptocurrency and Terrorist Financing in Asia

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Cryptocurrency and Terrorist Financing in Asia

Many states in Asia are falling behind in regulating crypto, making it an attractive tool for local terrorist groups.

Cryptocurrency and Terrorist Financing in Asia

An advertisement of Bitcoin, one of the cryptocurrencies, is displayed on a building in Hong Kong, on Nov. 18, 2021.

Credit: AP Photo/Kin Cheung, File

Cryptocurrency, or crypto, is viewed by many as the future of financial transactions. While the rise and further development of crypto are widely celebrated, speculations about its traceability, and its potential to be used in criminal activities, always loom in the horizon.

A handful of states around the world have already taken measures to regulate crypto transfers, in line with the Financial Action Task Force’s (FATF) 2020 standardized guidelines, securing virtual assets from money laundering and terrorist financing. Yet, many states in Asia, including those with a history of terrorism, are falling behind, increasing crypto’s potential to be a threat multiplier.

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