Prospects and Models of Combating Cryptocurrency Crimes: The India-EU Dialogue as a Perspective?

Abstract

This article discusses the growing concerns regarding the convergence of virtual currencies and mainstream finance, which is leading to an increase in illicit activities such as money laundering and terrorism financing. The challenges that law enforcement faces in addressing these crimes are exacerbated by limited technological expertise and a sense of impunity among perpetrators. The article highlights successful asset recovery cases involving crypto assets in the United States and the extension of anti-money laundering laws to virtual assets in the United Kingdom and India. While advanced jurisdictions are making progress in addressing these challenges, the article emphasizes the need for policy recommendations and best practices, particularly for jurisdictions in Africa, which is experiencing rapid growth in the crypto market. It also delves into potential avenues for collaboration between the European Union (EU) and India in addressing capacity deficiencies in developing or least developed countries. The cybersecurity practices and frameworks employed by both European and Indian entities may serve as instructive models for developing and least developed countries to combat terrorism financing with virtual assets.