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India tightens control with 3,000 police officials trained in crypto investigationsAs the crypto sector continues to develop, authorities continue to get to grips with the new crypto innovation, with India’s law enforcement being the latest entity to look to clamp down.Photo by Naveed Ahmed on UnsplashCrypto forensics and investigation trainingAccording to the Ministry of Home Affairs (MHA) annual report, a comprehensive training initiative was undertaken during the financial year 2022–2023. The initiative, spearheaded by the Narcotics Control Bureau and the Indian Cyber Crime Coordination Centre (I4C), equipped over 2,900 officials with essential skills in cryptocurrency forensics and investigation.Under the aegis of the Narcotics Control Bureau, India’s central law enforcement and intelligence agency, 141 officers underwent specialized training in the investigation of darknet activities, cryptocurrencies and other pertinent areas such as digital footprints.The report stated that workshops were set up that covered techniques for gathering intelligence and evidence from open sources and social media platforms, reflecting a commitment to staying ahead in the ever-evolving landscape of cybercrime.There’s clearly a need for this level of expertise, given an uptick in crypto-related scams in India and the broader Asia region as a whole in recent times. Earlier this week, it emerged that the Indian authorities had arrested eight individuals in relation to a $300 million cryptocurrency scam.Raj Kapoor, the founder of the India Blockchain Alliance (IBA), recently called for greater control when it comes to crypto-related illicit financing. Kapoor stated:”It is a kick on the backside for most governments. All regulatory bodies will take a closer look at crypto regulation. Governments will need to start implementing new rules and regulations.”I4C played a pivotal role in training over 2,800 cyber police officials. The training encompassed crypto forensics, investigations and emerging technologies like anonymization networks. The focus extended to addressing the misuse of mobile applications in the cyberspace realm.Ongoing blockchain tech adoptionAs India proactively prepares to combat potential crypto-related crimes amidst increased adoption, the nation is also delving into mainstream blockchain applications. In a recent stride towards digital transformation, Hindustan Petroleum (HPCL), the state-run oil and gas company, partnered with blockchain software firm Zupple Labs. Together, they launched a blockchain system designed to automate the verification of purchase orders (POs).HPCL’s spokesperson outlined the significance of this implementation to Cointelegraph, stating that the integration helps automate the verification of HPCL POs to external parties, utilizing the blockchain system alongside HPCL’s internal e-PO. This generates tamper-evident, verifiable POs, enhancing efficiency and transparency within industry processes.In a separate development, it emerged on Thursday that India’s Central Bureau of Investigation has appointed Singapore-headquartered digital asset market intelligence outfit Liminal to manage seized digital assets.This holistic approach, combining advancements in law enforcement training and embracing blockchain applications, underscores India’s commitment to navigating the evolving landscape of digital technologies while looking to ensure a secure and transparent future.

Senior Gyeonggi Officials Required to Declare Virtual Asset Holdings by Sept 1The Gyeonggi province of South Korea is requiring officials of rank 4 or higher to report their cryptocurrency holdings from today until September 1. This move is in line with the amended Public Service Ethics Act, set to take effect on December 14, which will require senior government officials to declare their virtual asset holdings.Photo by Mathew Schwartz on UnsplashRevised code of conductThe nation’s most populated provincial government announced today the finalization and implementation of revisions to the employee code of conduct. These changes intend to prevent government employees from exploiting their official positions for personal financial gains. Before finalizing these changes, the province had sought public feedback on the amendment until July 25.In May, Gyeonggi Governor Kim Dong-yeon convened a meeting to call for devising a plan that encourages public officials under financial disclosure requirements to declare their virtual assets. He emphasized the importance of proactive measures in this regard.On August 14, the provincial government presented guidelines on virtual asset reporting, detailing the reporting process, content requirements, and penalties for false submissions.A move towards transparencyLee Seon-beom, the Head of Gyeonggi’s Investigation Office, explained that this initiative is designed to alleviate the public’s concerns over virtual assets. It also aims to promote transparency among officials, ensuring they avoid unlawful accumulation of wealth.

Korea and Japan Collaborate to Develop Accounting Standards for Virtual AssetsThe Korea Accounting Institute (KAI) announced today that it held a bilateral meeting yesterday with the Japanese Financial Accounting Standards Foundation (FASF) to discuss devising accounting standards for virtual assets. Among the attendees were high-level officials of the FASF, including Yasunobu Kawanishi, Chair of the Accounting Standards Board of Japan.Photo by Shubham’s Web3 on UnsplashConsensus on establishing standardsBoth parties agreed on the importance of establishing accounting standards for virtual assets. These standards should be practical and easy to follow, ensuring that they offer sufficient information to readers of financial statements.Reciprocal sharing of progressKAI is in the process of revising the Korean version of the International Financial Reporting Standards (K-IFRS) to require companies to disclose information related to virtual assets within the annotations of their financial statements. This mandatory disclosure of virtual asset-related details was announced by the Korean Financial Services Commission last month, with implementation scheduled for January of next year. This significant update was a topic of discussion in the meeting. Similarly, the FASF reciprocated by sharing its own progress and advancements.This meeting was arranged in light of the deepening relations between the two nations. The close collaboration between the two groups is poised to give Korea momentum to broaden its global presence. Moving forward, the accounting bodies of both countries are committed to continuing their cooperative efforts.