Bitrace recently held a training session on cryptocurrencies for the Cyber Security and Technology Crime Bureau (CSTCB) and Commercial Crime Bureau (CCB) in Hong Kong. This training was specifically organized to assist law enforcement officers in understanding blockchain technology as the city becomes a prominent cryptocurrency hub.

During the training, Bitrace’s technical experts shared insights and methods for investigating crimes related to digital assets like online gambling, money laundering, and fraud. The company aims to help the Hong Kong Police Force combat the increasing number of cryptocurrency-related crimes in the region.

Bitrace CEO, Isabel SHI, expressed her pride in talking to Hong Kong's police officers and emphasized the importance of improving legislation and prevention efforts to promote the development of Web3.

Over the past three years, Hong Kong has seen a significant rise in cryptocurrency-related crimes, with reported cases and corresponding financial amounts almost tripling during this period. The Securities and Futures Commission (SFC) in Hong Kong has also increased its efforts in disclosing information related to virtual asset trading platforms to provide transparent and timely information to the public.

In addition, Hong Kong is considering the approval of spot Bitcoin exchange-traded funds (ETFs) in the region. Notably, the SFC has updated its list of virtual asset management fund companies to include major mainland public fund companies like Harvest International Asset Management Company and China Asset Management (Hong Kong) Co., Ltd.