Hong Kong  will prohibit cybercrime with the help of Metaverse

Hong Kong police launched its Metaverse platform, called CyberDefender. 

Hong Kong is an averagely crypto-friendly region in the world. This is a special administrative region of China. In China crypto is fully banned but in Hong Kong, only big investors are allowed to invest in cryptocurrencies. In short retail crypto trading is fully prohibited under the jurisdiction of Hong Kong. 

On 27 May 2023, The Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force announced the launch of its Metaverse platform CyberDefender

With this Metaverse platform, Hong Kong’s police authority will educate & guide the citizens against cyber crimes, so that citizens remain in full alert mode from usual scams in advance.

During the launch event, the chief inspector of the CSTCB, Ip Cheuk-yu, shared his opinion on the surging cybercrimes and note that there are huge possibilities that cyberspace could also happen in the metaverse, such as investment frauds, unauthorized access to systems, theft, and sexual offenses.

He also noted that cybercrime is not limited to the traditional digital sector, instead, the attackers can easily target the virtual asset wallets and smart contracts. 

It is worth it to note that Q1 2023 saw a total of 663 cases linked with cryptocurrencies. In the filed cases, victims lost nearly $570 million, which is a 75% increment over the first quarter of the last year. 

Hong Kong’s new crypto policy

From 1 June, Hong Kong will welcome a new & fresh crypto policy to allow retail investors to invest in cryptocurrencies. Under the new rules, no retail crypto investors will be allowed to use stablecoins to trade with Cryptocurrencies, and also for any new token listing on any exchange, there should be a 12 months of fair record. 

Read Also: Shiba inu token burn rate plunges despite bullish development sentiments

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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