According to a report from China's Supreme People's Procuracy (SPP) on February 23, the agency emphasized its goal of combating cybercrime, especially illegal activities carried out through projects blockchain project and metaverse.

Ge Xiaoyan, SPP deputy prosecutor general, said online fraud cases increased by 64% year-on-year. Besides the rise of blockchain-related crimes, traditional crimes such as gambling, theft, ponzi have also expanded into cyberspace, with the rate of hacking on the internet increasing by nearly 23% and breaches involving Online counterfeiting increased by 86%.

In particular, Mr. Zhang Xiaojin, Director of the 4th Procuracy, under the SPP noted that people and investors need to be highly alert to the above risks in the cryptocurrency economy through blockchain platforms , metaverse, binary options.

“The rise of cybercrime, with new forms such as online fraud, cyber violence and theft of personal information, is posing a major challenge for authorities,” SPP noted.

The report also shows that from January to November 2023, there were 280,000 individuals charged in cybercrime cases, an increase of 36% over the same period last year and accounting for 19% of all criminal cases , shows the massive scale and growing complexity of cyberspace.

Meanwhile, Hong Kong is taking a different approach to the mainland regarding the cryptocurrency market, as the special administrative region chooses a friendlier route towards regulation and standardization of the digital asset ecosystem, aiming to Protect investors without hindering innovation.

Notably, after the comprehensive ban in 2021, the People's Bank of China (PBoC) is now showing interest in managing the cryptocurrency market, especially through the latest financial stability report, devoted a significant portion to discussing crypto assets, while emphasizing the need for common governance between countries.