BITRACE PROVIDES CRYPTO CRIME INVESTIGATION TRAINING TO HONG KONG POLICE

Bitrace has recently conducted specialized cryptocurrency training sessions for the Hong Kong Police Force’s Cyber Security and Technology Crime Bureau (CSTCB) and Commercial Crime Bureau (CCB), focusing on the increasing issue of cryptocurrency-related crimes in Hong Kong.

Enhanced Training Initiatives by Bitrace

As part of its Corporate Social Responsibility efforts, Bitrace, a leading data analysis company, has stepped up to bolster the law enforcement capabilities of Hong Kong police. These training sessions were designed to improve the understanding and investigative skills of law enforcement officers in dealing with blockchain technology and its misuse within the city, which is rapidly becoming a significant hub for cryptocurrency activities.

During these sessions, Bitrace’s technical experts covered various topics, including the tracking of on-chain funds and the methodologies used by criminals in deploying digital assets for illicit activities such as online gambling, unauthorized trading, money laundering, and fraud.

Bitrace CEO Isabel SHI commented on the initiative, saying, “It’s a real honor to engage with Hong Kong police officers. Through improved legislation and prevention strategies, we can foster a safer environment for the growth of Web3.”

Rising Crypto Crimes in Hong Kong

Hong Kong has seen a dramatic increase in cryptocurrency-related crimes, with reported incidents rising from 1,397 to 3,415 over the last three years. The financial implications have also escalated significantly, from HKD 824 million to HKD 4.398 billion during the same period.

The Securities and Futures Commission (SFC) of Hong Kong has also intensified its regulatory efforts since last September, focusing on enhancing transparency in the crypto sector. This includes the publication of extensive information about virtual asset trading platforms, including alerts on suspicious activities, which is part of a broader strategy to provide clear and timely information to the public.

Furthermore, Hong Kong is moving towards the approval of spot Bitcoin ETFs. As part of this progression, the SFC recently updated its list of virtual asset management fund companies on April 10, adding notable entities such as Harvest International Asset Management Company and China Asset Management (Hong Kong) Co., Ltd., which are major players from mainland China.

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