Hong Kong is stepping up efforts to battle cash laundering involving cryptocurrencies.
Town’s Customs and Excise Division has partnered with the College of Hong Kong to develop a instrument that tracks suspicious cryptocurrency transactions.
In response to a June 12 report by the South China Morning Submit, the objective is to assist officers establish and examine digital cash trails that could be used to hide illicit funds.
Do you know?
Subscribe – We publish new crypto explainer movies each week!
What’s AVAX? (Avalanche Community Defined With Animations)
Throughout a press briefing, Assistant Commissioner Mario Wong Ho-yin defined that tackling these crimes requires a joint effort from legislation enforcement, finance specialists, and tutorial researchers, since no single group can handle it alone.
Wong didn’t share technical particulars about how the crypto-tracking system works, as he famous that the undertaking remains to be beneath growth. Nonetheless, the main target is to carry knowledge, analysis, and cooperation to enhance how digital crimes are dealt with.
Between 2021 and Might 2025, Hong Kong authorities dealt with 39 large-scale cash laundering circumstances. Out of these, seven concerned crypto.
In response to the report, over HK$1.8 billion (about US$229 million) was transferred via greater than 1,000 shady transactions, which concerned 5 corporations and 18 native financial institution accounts. Three folks had been arrested, and two had been suspected of transferring HK$760 million via a crypto platform.
In a separate case, authorities in Hong Kong, in cooperation with Chinese language police, lately shut down a cryptocurrency-based cash laundering operation. How did the raid unfold? Learn the complete story.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Battle II period.With near a decade of expertise within the FinTech business, Aaron understands the entire largest points and struggles that crypto fans face. He’s a passionate analyst who is anxious with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and business newcomers.Aaron is the go-to individual for every thing and something associated to digital currencies. With an enormous ardour for blockchain & Web3 schooling, Aaron strives to remodel the house as we all know it, and make it extra approachable to finish freshmen.Aaron has been quoted by a number of established retailers, and is a broadcast creator himself. Even throughout his free time, he enjoys researching the market tendencies, and searching for the following supernova.
