Crypto Industry in Asia and Main Challenges

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Cryptocurrencies and legal aspects

Everything has its advantages and disadvantages and the crypto industry is not an exception. Importantly, some of the criminal groups or individuals started to use crypto for illegal activities. Based on the information provided by the United Nations Office on Drugs and Crime meth lords turn over a staggering $30-60 billion each year. 

As a reminder, meth is produced in a region called the “Golden Triangle”.  Notably, this region includes parts of northern Thailand, Laos, Myanmar, and China. 

Authorities in Thailand would like to solve problems connected with drug-related assets laundered through the banking system, crypto accounts. Moreover, raw materials for the construction industry. 

Furthermore, Thailand is reportedly cooperating with the U.S. Drug Enforcement Agency to learn more about the cartels. As a result, it will be easier to fight against drug networks in Thailand. 

Illegal activities and crypto-related crimes Cryptocurrencies and Thai authorities

It is no secret that Illegal activities such as drug trafficking, money laundering, and others represent a serious challenge for law enforcement agencies. As mentioned above, people around the world started to use crypto for illegal activities. 

Importantly, authorities in Thailand are working hard to identify the country’s drug networks and ruses they use to launder their multi-million dollar turnovers including cryptocurrencies. 

According to the lieutenant- General Wissanu Prasarttong-Osoth, it is impossible to guess the real amount these drug networks are making, and due to the scale of the problem, it is hard not to agree with him. As a reminder, he serves as an assistant to Thailand’s police chief. 

This is not the end of the story as their profits fuel a secondary economy of laundered drug-related assets that encompass cryptocurrency. Also, luxury commodities as well as overseas real estate. 

Last but not least, authorities identified irregular flows in bank accounts worth $5.4 billion. Thai authorities are confident that close to $400 million is related to drug funds.

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