Bitrace Intensifies Efforts To Counter Rising Cryptocurrency Crimes In Hong Kong

According to CryptoPotato, Bitrace, a leading data analysis firm, has increased its efforts to combat the rising number of cryptocurrency-related crimes in Hong Kong. The company has reportedly held training sessions on on-chain fund tracking for the Hong Kong Police Force. This initiative is part of Bitrace's Corporate Social Responsibility efforts to enhance law enforcement's understanding of blockchain technology, especially considering Hong Kong's growing status as a cryptocurrency hub.

The training sessions were specifically designed for the Cyber Security and Technology Crime Bureau (CSTCB) and Commercial Crime Bureau (CCB). They included sharing insights and methods for investigating cryptocurrency-related crimes. Bitrace's technical experts also demonstrated how digital asset funds are used and circulated in activities such as online gambling, illicit trades, money laundering, and fraud. Bitrace CEO, Isabel SHI, commented on the initiative, stating that improved legislation and enhanced prevention of crypto crimes will better promote the development of Web3.

Over the past three years, Hong Kong has seen a significant increase in cryptocurrency-related crimes. Reported cases have surged from 1,397 to 3,415, with corresponding amounts of HKD 824 million to HKD 4.398 billion. This figure nearly tripled during the period in question. Since last September, Hong Kong's Securities and Futures Commission (SFC) has increased its efforts in information disclosure. This includes extensive publication of information about virtual asset trading platforms, such as a list of suspicious virtual asset trading platforms. This move aligns with the broader goal of providing transparent and timely information to the public.

Hong Kong is currently on the brink of approving spot Bitcoin ETFs in the region. The SFC updated its virtual asset management fund company list on April 10, which includes the addition of Harvest International Asset Management Company and China Asset Management (Hong Kong) Co., Ltd., two major mainland public fund companies.