India’s Directorate of Revenue Intelligence (DRI) stated in its latest report that smuggling syndicates are increasingly using stablecoins instead of the traditional “hawala” system for cross-border settlements in drug and gold smuggling. In a case involving 108 kilograms of gold, approximately $12.7 million was layered and transferred to China, using multiple wallets and encrypted communication tools to evade tracking. The DRI noted that significant regulatory gaps remain and called for strengthened anti-money laundering measures for crypto assets and improved on-chain forensic capabilities, as simple bans are insufficient to curb related crimes. (Decrypt)