With increasing cryptocurrency-related crimes in Hong Kong, Bitrace has ramped up its efforts to tackle the problem.
The prominent data analysis company has reportedly conducted training sessions on on-chain fund tracking for members of the Hong Kong Police Force.
Bitrace Bolsters Efforts to Combat Crypto Crimes
The latest initiative is part of the company’s Corporate Social Responsibility efforts that aim to improve law enforcement’s understanding of blockchain technology, particularly in light of Hong Kong’s growing prominence in the cryptocurrency hub.
According to the blog post, these training sessions were specifically organized for the Cyber Security and Technology Crime Bureau (CSTCB) and Commercial Crime Bureau (CCB) which involved sharing of insights and methods for investigating cryptocurrency-related crimes.
Bitrace’s technical experts also demonstrated the usage and circulation methods of digital asset funds in activities such as online gambling, illicit trades, money laundering, and fraud.
Commenting on the development, Bitrace CEO, Isabel SHI said,
“It’s a real honor to talk with the police officers from Hong Kong. Improved legislation and enhanced prevention of crypto crimes will better promote the development of Web3.”
Crypto Crimes in Hong Kong
In the last three years, Hong Kong has witnessed a significant rise in cryptocurrency-related crimes. In fact, reported cases have surged from 1,397 to 3,415, with corresponding amounts of HKD 824 million to HKD 4.398 billion. This figure almost tripled during the period in question.
Since last September, Hong Kong’s Securities and Futures Commission (SFC) has heightened its efforts in information disclosure, according to a recent report.
These efforts entail extensive publication of information with regard to virtual asset trading platforms, such as a list of suspicious virtual asset trading platforms. The move aligns with the broader objective of offering transparent and timely information to the public.
Meanwhile, Hong Kong is currently on the verge of approving spot Bitcoin ETFs in the region. The SFC updated its virtual asset management fund company list on April 10 which features the addition of Harvest International Asset Management Company and China Asset Management (Hong Kong) Co., Ltd., two major mainland public fund companies.
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