As crypto-related crimes are on the rise in Hong Kong, Bitrace is stepping up efforts to address the issue.
A prominent data analytics company has reportedly conducted a training session on on-chain money tracking for members of the Hong Kong Police Force.
Bitrace steps up efforts to fight crypto crime
This latest effort is part of the company's corporate social responsibility efforts aimed at improving law enforcement's understanding of blockchain technology, especially given Hong Kong's growing importance as a cryptocurrency hub. It's part of the process.
According to a blog post, these training sessions were designed specifically for the Cybersecurity and Technology Crime Bureau (CSTCB) and the Commercial Crime Bureau (CCB) to share insights and methods for investigating crypto-related crimes. It was intended to.
Bitrace's technical experts also demonstrated how digital asset funds can be used and distributed in activities such as online gambling, illegal transactions, money laundering, and fraud.
Bitrace CEO Isabel SHI comments on the development Said,
“It was a real honor to speak with Hong Kong police officers. Improved laws and stronger prevention of crypto crime will further facilitate the development of Web3.”
Cryptocurrency crime in Hong Kong
Over the past three years, Hong Kong has seen a significant increase in crypto-related crimes. In fact, the number of reported infections jumped from 1,397 to 3,415, and the amount reached HK$4.398 billion, up from HK$824 million. This figure almost tripled during the period.
The Hong Kong Securities and Futures Commission (SFC) has stepped up its disclosure efforts since September last year, according to a recent report.
These efforts involve the widespread publication of information about virtual asset trading platforms, including lists of questionable virtual asset trading platforms. This move is in line with the broader objective of providing transparent and timely information to the public.
Meanwhile, Hong Kong is currently on the verge of approving a spot Bitcoin ETF in the region. The SFC updated its list of virtual asset management fund companies on April 10, adding Harvest International Asset Management Company and China Asset Management (Hong Kong) Ltd., two major public fund companies in the mainland.
