Bitrace Enhances Efforts to Combat Cryptocurrency Crimes in Hong Kong

Bitrace, a leading data analysis company, is stepping up its efforts to combat cryptocurrency-related crimes in Hong Kong. The company recently conducted training sessions for members of the Hong Kong Police Force on on-chain fund tracking, as part of its Corporate Social Responsibility initiatives.

With Hong Kong emerging as a prominent cryptocurrency hub, the need for law enforcement to understand blockchain technology has become crucial. The training sessions, organized for the Cyber Security and Technology Crime Bureau (CSTCB) and Commercial Crime Bureau (CCB), focused on investigating cryptocurrency-related crimes and tracking digital asset funds used in activities like online gambling, money laundering, and fraud.

Bitrace CEO, Isabel SHI, expressed her honor in engaging with Hong Kong police officers and emphasized the importance of improved legislation and prevention of crypto crimes for the development of Web3.

The rise in cryptocurrency-related crimes in Hong Kong is evident, with reported cases increasing from 1,397 to 3,415 in the last three years. The corresponding amounts involved have also surged from HKD 824 million to HKD 4.398 billion, nearly tripling during this period.

To address this issue, the Securities and Futures Commission (SFC) in Hong Kong has intensified its efforts in information disclosure, particularly regarding virtual asset trading platforms. The SFC has been publishing information on suspicious virtual asset trading platforms to provide transparent and timely information to the public.

In addition, Hong Kong is on the brink of approving spot Bitcoin ETFs in the region. The recent update to the virtual asset management fund company list by the SFC includes major mainland public fund companies like Harvest International Asset Management Company and China Asset Management (Hong Kong) Co., Ltd.

As Bitrace continues to collaborate with law enforcement agencies and educate them on blockchain technology, the fight against cryptocurrency-related crimes in Hong Kong is expected to intensify, ultimately promoting a safer and more secure crypto environment in the region.