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Future Crime Research Foundation Hosts High-Level Round Table on CryptoCrime Investigation, Regulation, and Blockchain Forensics
New Delhi, September 23, 2024 — The Future Crime Research Foundation (FCRF), an initiative incubated at AIIDE-CoE of IIT Kanpur, held a critical roundtable on CryptoCrime Landscape, Regulation, and Blockchain Forensics at the Dr. Ambedkar International Centre, New Delhi.
The event attracted top officials from the government, law enforcement, policy, and legal sectors, as well as leaders from the cryptocurrency and blockchain industries. Together, they explored the escalating challenges posed by cryptocrimes, regulatory frameworks, investigation techniques, and the need for global cooperation in combating these emerging threats.
Keynote Address: Need for Strict KYC and Global Cooperation
The round table commenced with a keynote address by Dr. Gulshan Rai, Former National Cybersecurity Coordinator and Director General of CERT-In. Dr. Rai shed light on the evolving threat of cryptocurrency-related crimes, emphasizing the critical importance of strict Know Your Customer (KYC) regulations and international cooperation to combat the illicit use of digital assets.
In his address, Dr. Rai pointed out that cryptocrimes transcend borders, making cross-border collaboration essential for effective law enforcement. He underscored the importance of harmonized global regulations to protect end-users, enhance financial transparency, and prevent money laundering, saying, “International cooperation is no longer an option but a necessity. We must work together to curb these crimes and safeguard our digital ecosystems.”
Prof. Triveni Singh, Ex-IPS, Chief Mentor, FCRF felicitates Dr. Gulshan Rai, Former National Cybersecurity Coordinator and Director General of CERT-In
Panel 1: Challenges Faced by Law Enforcement Agencies (LEAs)
The first-panel discussion centred around the challenges faced by Law Enforcement Agencies (LEAs) in investigating cryptocrime, including complex issues like cryptocurrency exchange hacks, ransomware, and fraud. High-profile speakers shared their insights:
- Amit Sharma, Additional Director General and Advisor, Cyber, Ministry of Defense
- Air Vice Marshal (Dr) Devesh Vatsa VSM, Advisor, Cyber Security & Critical Technologies, DSCI
- Jitender Singh, Assistant Commissioner of Police, Indian Cyber Crime Coordination Centre (I4C)
- Dilip Chenoy, Chairman, Bharat Web3 Association (BWA)
The panelists explored the unique obstacles posed by cryptocurrency’s decentralized and anonymous nature, which makes tracking and investigating crimes difficult. They emphasized the necessity for advanced training in blockchain forensics and the adoption of specialized tools for tracing illicit transactions.
Key points from the discussion included:
- LEAs need to collaborate with private sector players like cryptocurrency exchanges and analytics firms.
- There is an urgent demand for cross-agency partnerships on both national and international scales to share intelligence and prevent criminal exploitation of blockchain technologies.
- The global nature of cryptocrime requires coordinated efforts between governments, law enforcement, and industry bodies.
Panel 2: Regulatory Frameworks and Legal Considerations
The second panel shifted focus to the regulatory landscape, examining both global and Indian cryptocurrency regulations and the critical need for comprehensive legal frameworks. The panel featured:
- Nisheeth Dixit, Supreme Court Lawyer
- Gaurav Mehta, Founder, Catax
- Suraj S, Head of Public Policy & Government Affairs, BNS
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This panel, moderated by Bibhu Pattnaik, discussed the gaps and inconsistencies in current regulatory frameworks governing digital assets. They pointed out that while India has made strides in defining cryptocurrency regulations, there is still a need for clearer policies that protect investors while fostering innovation in the blockchain space.
Key takeaways included:
- India needs to streamline its legal frameworks to better manage cryptocurrency risks.
- Comprehensive regulations will provide a safeguard against money laundering, terror financing, and other illicit activities.
- Multi-stakeholder collaboration involving law enforcement, regulators, and crypto companies is critical for ensuring the effective enforcement of regulations.
Dr. Gulshan Rai, Former National Cybersecurity Coordinator and Director General of CERT-In
Distinguished Attendees
The event also saw the presence of other notable figures in the field, including:
- Kanti Singh, Joint Director, CDAC
- Subodh Akulwar, Joint Director and Scientist at CERT-In
- Fakkeerappa Kaginelli IPS, Joint Commissioner of Police, Vizag City
- Sanjeev Shahi, Vice President – Crystal Intelligence
Technical Training Sessions on Blockchain Forensics
A highlight of the event was the technical training session led by Nick Smart, Director of Blockchain Intelligence and Data at Crystal Intelligence, and Kaushal Bheda, Director at Pelorus Technologies. These sessions provided law enforcement officials with a hands-on understanding of blockchain forensics, focusing on tools that trace illicit cryptocurrency transactions and identify digital trails left by bad actors.
The training emphasized the practical applications of blockchain analytics, offering real-time demonstrations of how these tools can be used to enhance cryptocrime investigations.
Actionable Outcomes and Future Collaboration
One of the most important outcomes of the roundtable was the FCRF’s decision to compile a comprehensive whitepaper based on the discussions. This white paper will be presented to various ministries, regulators, and stakeholders to assist in framing new rules, policies, and guidelines for strengthening cryptocurrency investigations in India.
FCRF reaffirmed its commitment to fostering continued collaboration between law enforcement agencies, government bodies, the crypto industry, and global experts. As part of its mission to combat cybercrime, FCRF aims to create a more secure and transparent cryptocurrency ecosystem both within India and globally. Notably, CoE-DFIR at IIMT Ladder Business Foundation serves as the knowledge partner for the event.
This roundtable marks a significant step forward in addressing the challenges of cryptocrime, with insights from leading experts shaping the future of cryptocurrency regulations, investigations, and international cooperation. As the landscape of digital assets evolves, initiatives like this will play a crucial role in ensuring that law enforcement and regulators are equipped to handle the complexities of cryptocrime, making digital spaces safer for all.
For further updates, FCRF has pledged to share the key takeaways and outcomes of the event with the public, ensuring that the discussions pave the way for actionable change.