Bitrace, a data analysis company, has taken proactive steps to address the increasing number of cryptocurrency-related crimes in Hong Kong. The company recently conducted training sessions for members of the Hong Kong Police Force, specifically targeting the Cyber Security and Technology Crime Bureau (CSTCB) and Commercial Crime Bureau (CCB). These sessions focused on on-chain fund tracking and provided valuable insights and methods for investigating crimes involving digital assets.
The initiative undertaken by Bitrace is part of their Corporate Social Responsibility efforts to support law enforcement in combating crypto crimes. The company’s technical experts shared knowledge on the circulation methods of digital asset funds in various illicit activities such as online gambling, money laundering, and fraud. By enhancing the police officers’ understanding of blockchain technology, Bitrace aims to contribute to the development of a more secure digital environment.
Over the past three years, Hong Kong has experienced a significant increase in cryptocurrency-related crimes, with reported cases nearly tripling from 1,397 to 3,415. The corresponding financial impact has also surged from HKD 824 million to HKD 4.398 billion during the same period. This rise in illicit activities has prompted regulatory bodies such as the Securities and Futures Commission (SFC) to take stricter measures in information disclosure to safeguard investors’ interests.
In response to the growing concerns over cryptocurrency crimes, Hong Kong’s SFC has intensified its efforts in providing transparent information regarding virtual asset trading platforms. The recent updates include the publication of a list of suspicious virtual asset trading platforms to warn investors about potential risks. Moreover, Hong Kong is on the brink of approving spot Bitcoin ETFs, signaling a growing acceptance of digital assets in the region.
Bitrace’s collaboration with the Hong Kong Police Force and their commitment to educating law enforcement on blockchain technology demonstrate a proactive approach towards combating cryptocurrency crimes. As Hong Kong continues to strengthen its regulatory framework and increase transparency in the virtual asset space, the collective efforts of industry players and regulatory bodies will play a crucial role in building a safer and more secure digital ecosystem.
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