In response to the rising number of cryptocurrency-related crimes in Hong Kong, Bitrace has taken proactive measures to address the issue. The data analysis company recently conducted training sessions focusing on on-chain fund tracking for members of the Hong Kong Police Force. This initiative is part of Bitrace’s Corporate Social Responsibility efforts aimed at enhancing law enforcement’s understanding of blockchain technology, especially in light of Hong Kong’s growing significance in the cryptocurrency sector.
The training sessions organized by Bitrace were specifically tailored for the Cyber Security and Technology Crime Bureau (CSTCB) and the Commercial Crime Bureau (CCB). The sessions included the sharing of valuable insights and methodologies for investigating cryptocurrency-related crimes. Bitrace’s technical experts also provided demonstrations on the usage and circulation methods of digital asset funds in various illicit activities such as online gambling, money laundering, and fraud.
Bitrace CEO’s Statement
Commenting on the initiative, Bitrace CEO, Isabel SHI expressed her appreciation for the opportunity to engage with police officers in Hong Kong. She emphasized the importance of implementing improved legislation and enhancing prevention strategies to curb crypto crimes effectively. According to SHI, these efforts will contribute to the advancement of Web3 technologies.
Over the past three years, Hong Kong has observed a substantial increase in cryptocurrency-related crimes. Reported cases have surged from 1,397 to 3,415, with corresponding amounts of HKD 824 million to HKD 4.398 billion. This alarming trend indicates a nearly threefold rise in cryptocurrency crimes during the period under review.
In response to the escalating number of cryptocurrency crimes, Hong Kong’s Securities and Futures Commission (SFC) has intensified its regulatory efforts. The SFC has focused on enhancing information disclosure, particularly concerning virtual asset trading platforms. This includes the publication of a list of suspicious virtual asset trading platforms, aligning with the broader objective of providing transparent and timely information to the public.
Approval of Spot Bitcoin ETFs in Hong Kong
Currently, Hong Kong is moving towards approving spot Bitcoin exchange-traded funds (ETFs) in the region. The SFC recently updated its virtual asset management fund company list, adding prominent mainland public fund companies like Harvest International Asset Management Company and China Asset Management (Hong Kong) Co., Ltd. This development signifies Hong Kong’s growing significance in the global cryptocurrency market and its commitment to fostering a regulated environment for virtual asset trading.
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