<ul><li>Cryptocurrency fraud in Asia-Pacific (APAC) decreased by 23% in 2024, as per a report by Sumsub.</li><li>APAC led in combating crypto fraud, with fraud rates dropping from 2.6% to 2% in 2024.</li><li>Advancements in fraud prevention technologies like biometrics and AI contributed to the decline.</li><li>APAC crypto firms are increasingly using third-party solutions for identity verification needs.</li><li>Technology has expedited onboarding processes, with APAC showing a 52% decrease in average verification time.</li><li>Document-free identity verification is gaining traction in APAC, leading to faster verification times.</li><li>Regulatory measures in financial hubs like Hong Kong and Singapore have enhanced transparency and security.</li><li>Singapore and Hong Kong are recognized for their supportive regulatory frameworks and fintech innovation.</li><li>Asia dominates in global crypto adoption, with several APAC countries ranking high in the Global Crypto Adoption Index.</li><li>More than half of the world's crypto holders are in Asia, emphasizing the region's significance in the crypto space.</li></ul>

APAC Sees 23% Decline in Crypto Fraud

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