Hong Kong has taken its plans to become a crypto hub to a whole new dimension. The latest report states that the world’s largest cryptocurrency exchange, Binance, is training the Hong Kong police force to fight crypto-related crimes.
Cybercrime and crypto-related scams could become prevalent as the city moves towards its plan to become the crypto hub of Asia. Therefore, the Special Administrative Region is bracing itself for potential issues that may arise when its plans are finally implemented.
Binance, Hong Kong Police Collaborate to Fight Cybercrime
according to binance blog post On 3 February, it attended a Virtual Asset Investigation Course (VAIC) by the Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force (HKPF). The report states that the police have taken the initiative to strengthen law enforcement against rising cybercrime in the region.
The training lasted five days and was aimed at equipping Hong Kong officials with the knowledge and ability to fight and prevent crypto-related crime. The Binance team discussed some important topics during the course. Some of the course topics include case studies on cryptocurrency-related investigative techniques and how exchanges can assist in criminal investigations with law enforcement agencies.
Jarek Jakubsek, Head of Law Enforcement Training at Binance, said that his firm takes user safety as a top priority and is fully committed to creating a secure cryptocurrency ecosystem by supporting and strengthening international security.
Notably, Binance launched its Global Law Enforcement Training Program in 2022. Till date, the exchange has conducted more than 70 workshops for several law enforcement agencies. It aims to fight digital financial crimes and cyber crimes around the world, especially in the cryptocurrency industry.
Binance is slowly increasing its dominance in Hong Kong’s crypto and blockchain industry with these recent moves. Crypto exchanges accelerated to introduce themselves in the city’s crypto space after Hong Kong announced plans to become a crypto hub in Asia.
Hong Kong Monetary Authority Cleans Up Crypto Industry, Encourages Licensing
On Thursday, Binance CEO Changpeng Zhao praised the Hong Kong Monetary Authority’s approach to overseeing stablecoins and moves to ban the trading of algorithmic stablecoins.
Last week, the Hong Kong Monetary Authority released a paper Discussing the risks associated with stable coins. As a result, the Special Administrative Region of China stated that they would no longer accept algorithmic stable coins.
However, stablecoin holders can redeem their holdings for fiat currency within a specified period. While this news may be disappointing for some stablecoin issuers and holders in Hong Kong, Binance’s CZ commended the authorities for their decision.
Meanwhile, Hong Kong’s Fin Sec, Paul Chan encouraged crypto exchanges and other crypto-related firms to register and widen their operational scope in the city. according to bloomberg reportsChan said Hong Kong is committed to becoming the crypto hub of Asia and is ready to grant licenses to companies.
Hong Kong remains a pro-crypto administrative region, unlike mainland China. On January 9, during the Hong Kong Web3 Innovator Summit, Paul Chen reaffirmed that the city would continue its efforts to become a global crypto hub.
The latest move by Binance confirms that many crypto and tech companies are planning to relocate their headquarters or expand to Hong Kong.
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