Due to a rising number of cryptocurrency crimes in Hong Kong, Bitrace has stepped up its actions to address this issue.
A well-known data analysis firm is said to have taught on-chain fund monitoring to the Hong Kong Police Department through training sessions.
Bitrace Bolsters Efforts to Combat Crypto Crimes
The most recent undertaking aligns with our corporation’s commitment to Corporate Social Responsibility. This involves educating law enforcement about blockchain technology, a priority given Hong Kong’s expanding role as a significant player in the cryptocurrency scene.
The blog post reveals that training sessions were arranged explicitly for the Cyber Security and Technology Crime Bureau (CSTCB) and Commercial Crime Bureau (CCB). During these sessions, members exchanged knowledge and techniques for probing into cryptocurrency offenses.
Bitrace’s tech team showed how digital fund assets could be used and circulated in various illicit activities like online gambling, black market deals, money laundering, and fraud.
Commenting on the development, Bitrace CEO, Isabel SHI said,
Speaking with police officers from Hong Kong is a true privilege. Effective new laws and robust prevention measures against cryptocurrency crimes can significantly advance the growth of Web3.
Crypto Crimes in Hong Kong
Over the past three years, there has been a large increase in cryptocurrency-related crimes in Hong Kong. The number of reported incidents jumped from 1,397 to 3,415, and the associated monetary value grew from HKD 824 million to an astonishing HKD 4.398 billion. This signifies a nearly threefold increase in such crimes during this timeframe.
Starting last September, the Securities and Futures Commission (SFC) in Hong Kong has been working harder to provide more information, as mentioned in a recent update.
The initiative involves making available comprehensive information about virtual asset trading platforms, including a warning list of potentially risky ones. This action supports the larger goal of providing clear and up-to-date information to the general public.
At present, Hong Kong is close to giving the green light for Bitcoin spot ETFs. The Securities and Futures Commission (SFC) made an update on April 10, including Harvest International Asset Management Company and China Asset Management (Hong Kong) Co., Ltd. in its list of virtual asset management fund companies – both are significant mainland public fund organizations.
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2024-04-15 04:08