Resource challenges in APAC hinder investigation efforts says Chainalysis

Chainalysis’ “2024 State of Cryptocurrency Investigations Report” shows that the Asia-Pacific (APAC) region is witnessing a significant increase in crypto-related crimes.
The surge in illegal activities is happening at a time when there is a perceived shortage of legal resources, hampering the region’s ability to effectively address and mitigate the threat of crypto crime.
According to Hayato Shigekawa, principal solutions architect at Chainalysis, law enforcement agencies in APAC are struggling to combat the rise in crypto-related crimes such as drug trafficking, cybercrime, and intellectual property crime. Many of these agencies are dissatisfied with the current legal resources available to them.
Respondents from the APAC region also tend to have negative perceptions of cryptocurrency compared to other regions, as revealed by the report. This is in stark contrast to the more optimistic views reported in Latin America and Europe, the Middle East, and Africa.
The report also highlights the need for better education on the intricacies of cryptocurrencies due to the prevailing negative perception of crypto in the APAC region. It emphasizes the necessity for technical resources and increased access to educational materials, as nearly half of the respondents admitted to having little knowledge about the asset class.
Overall, the “2024 State of Cryptocurrency Investigations Report” underscores the urgency for more robust legal resources, technical capabilities, and educational resources to effectively combat crypto-related crimes in the Asia-Pacific region.