RUSI’s latest research reveals how North Korea uses crypto-to-fiat off-ramps to convert stolen cryptocurrency into illicit funds supporting its WMD programmes

RUSI’s Centre for Finance and Security examines how North Korea moves stolen virtual assets through both crypto and traditional financial infrastructure, including VASPs, intermediaries and off-ramp services, to generate usable funds linked to its weapons programmes. The report recommends clearer guidance for banks dealing with VASPs, more consistent VASP onboarding, stronger information-sharing arrangements and better identification of virtual-asset-related payments…