It is a crime that is an example of cybercrime related to theft (or the otherwise illegal acquisition) of cryptocurrencies and some of the methods or security vulnerabilities commonly exploited.
Published in Chapter:
Regulatory Ambiguity in India: A Breeding Ground for Crypto Criminals
Sachin Shah (Tata Consultancy Services, India) and Abdul Rafay (University of Management and Technology, Pakistan)
Source Title: Concepts and Cases of Illicit Finance
Copyright: © 2023|Pages: 10
DOI: 10.4018/978-1-6684-8587-3.ch004
Abstract
Cryptocurrencies have sparked global transformations in digital technology and financial services, leading to deliberations on regulatory frameworks. India is cautiously working towards regulatory clarity and legalizing Cryptocurrency usage, as it becomes the country with the most cryptocurrency users. The Indian regulatory body is vigilant, monitoring progress and warning the public about associated risks. Despite regulatory efforts, India has seen a worrisome rise in cyber-frauds, cryptocurrency crimes, and money laundering involving digital currencies. This chapter focuses on the regulatory ambiguity in India, which inadvertently fosters an environment for crypto criminals. Through case studies, it highlights the gravity of the situation and the urgent need for legislative action to combat scams and money laundering. The author concludes optimistically, expecting India to establish robust crypto regulations to effectively address these challenges.
