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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.

Asian Countries Dominate Chainalysis’ 2023 Global Crypto Adoption IndexBlockchain analytics firm Chainalysis has just unveiled an excerpt of its “2023 Global Crypto Adoption Index,” revealing that Asian nations are top of the class in terms of the pace of crypto adoption.The report extract published to the Chainalysis website brings into focus the remarkable strides made by a number of Asian countries, emerging as the front-runners in driving grassroots cryptocurrency adoption.The index showcases the dominance of regions like Central and South Asia, along with the broader Oceania regions. Astonishingly, six of the top 10 countries on the index hail from this part of the world.Photo by Louis Hansel on UnsplashIndia takes top spotIndia, in particular, shines as the torchbearer of cryptocurrency adoption in the region, securing its position as the largest cryptocurrency market. It not only leads the way in grassroots adoption but has also ascended to become the second-largest crypto market globally in terms of raw estimated transaction volume, eclipsing even some major global economies.It’s interesting that India should find itself in this position when you consider that a number of measures have been taken that could have been expected to dampen adoption. The Indian authorities introduced a 30% tax on capital gains earned through the sale of digital assets, as well as a 1% tax on Tax Deducted at Source (TDS) for all crypto transactions.Last month, Indian crypto exchange CoinDCX specifically cited these tax burdens, combined with the recent bear market, as being contributing factors in its decision to cut its workforce by 12%. Another excerpt of the Chainalysis report explicitly refers to these measures and their potential to retard cryptocurrency use.Adoption despite bear marketDespite a temporary downturn in worldwide grassroots cryptocurrency adoption, Chainalysis’ research finds that these developing Asian nations, have not only weathered the storm brought about by the recent bear market but have thrived, with their total grassroots adoption surpassing the levels of Q3 2020, just before the most recent bull market.Other countries featuring in the top ten include Vietnam (third), the Philippines (sixth), Indonesia (seventh), Pakistan (eighth), and Thailand (tenth). China, Turkey, Bangladesh, and Japan then feature within the top twenty.This data holds promise for the cryptocurrency landscape in the Asian region. Many of these nations are lower middle-income (LMI) countries that typically exhibit burgeoning industries and populations, collectively representing more than 40% of the global population. Chainalysis suggests that if these countries shape the future, cryptocurrencies are poised to play an indispensable role in shaping the global financial ecosystem.Institutional adoptionThe excerpt from the report also hints at the burgeoning trend of institutional adoption in high-income countries, even in the face of a lingering bear market. This suggests a potential dual-directional adoption scenario, where cryptocurrencies cater to the needs of users from both affluent and developing nations, bringing together a diverse spectrum of economic backgrounds.The report takes an optimistic outlook, stating:“Grassroots crypto adoption isn’t about which countries have the highest raw transaction volumes. . . . Instead, we want to highlight the countries where average, everyday people are embracing crypto the most.”“If LMI countries are the future, then the data indicates that crypto is going to be a big part of that future.”

Metabora Singapore (Metabora SG), a blockchain content platform and an affiliate of multi-platform game company Kakao Games, announced a partnership today with Oasys, a blockchain platform tailored for Web3 games.  According to local media outlet Dailian, the partnership is expected to attract more users to Oasys’ Web3 gaming platform by enhancing its interoperability, expanding its ecosystem and providing “killer content,” all of which are the pillars of “Dragon Update,” a vision to achieve for Oasys for the year 2024.  Oasys has been emerging as a blockchain for Web3 gamers, as it continues to forge partnerships with Asian tech and game giants such as Com2uS and Ground X, a blockchain subsidiary of Kakao. Com2uS is the developer of popular games such as “Summoners War: Chronicles” and “Walking Dead: All Stars”, while Ground X operates its own crypto wallet.  Photo by Fredrick Tendong on UnsplashMaking inroads into the Japanese gaming market It is anticipated that Metabora SG will make use of Oasys’s strong network and powerful user base to enter the Japanese gaming market, which is deemed one of the biggest global markets boasting $44.4 billion in sales this year, according to Statista.  Oasys is known to have forged deep partnerships with major gaming companies in Japan, of which Oasys serves as their network validator. Metabora SG will be able to leverage Oasys’ support when entering the Japanese market.  Collaboration on blockchain technology “We are delighted to partner with Metabora SG, a company that fully shares our vision of revolutionizing the gaming industry through the use of blockchain technology. As we aggressively move forward and expand our business relationships with various gaming giants based in Korea, the partnership with Metabora SG by Kakao Games marks another important milestone for further business expansion in the region,” said Dominic Jang, the head of global business development at Oasys and the head of Korea at Oasys. “We are keen to nurture a more in-depth relationship with the Metabora SG team to maximize the synergy with Oasys, advancing the mass adoption of blockchain gaming,” he added.  With its extensive experience in offering immersive gaming experiences to users, Metabora SG is on its way to revolutionizing the gaming industry by integrating eco-friendly technology provided by Oasys.  Vincent Lim, CBO of Metabora SG, said that behind this partnership are people who share the same vision of enhancing the Web3 gaming ecosystem. He added that the two companies will provide immersive games that are easy to access to gamers all across the world, who haven’t yet experienced blockchain-based games.