🚀Hey there, Bitcoin enthusiasts! Brace yourselves for some exciting news! Bitrace, a leading data analysis company, is taking a stand against cryptocurrency-related crimes in Hong Kong. 🚔 They've been conducting training sessions on on-chain fund tracking for the Hong Kong Police Force.

This initiative is part of Bitrace's Corporate Social Responsibility efforts, aiming to enhance law enforcement's understanding of blockchain technology. The training sessions were tailored for the Cyber Security and Technology Crime Bureau (CSTCB) and Commercial Crime Bureau (CCB), sharing insights and methods for investigating cryptocurrency-related crimes.

Bitrace's tech experts demonstrated the usage and circulation methods of digital asset funds in activities such as online gambling, illicit trades, money laundering, and fraud. Bitrace CEO, Isabel SHI, expressed her honor in collaborating with the Hong Kong police officers, stating that improved legislation and enhanced prevention of crypto crimes will promote the development of Web3.

In the past three years, Hong Kong has seen a significant rise in cryptocurrency-related crimes, almost tripling from 1,397 to 3,415 cases, with corresponding amounts surging from HKD 824 million to HKD 4.398 billion.

In response, Hong Kong's Securities and Futures Commission (SFC) has ramped up its efforts in information disclosure, publishing extensive information about virtual asset trading platforms. This move aligns with the broader objective of offering transparent and timely information to the public.

In other news, Hong Kong is on the brink of approving spot Bitcoin ETFs in the region, with two major mainland public fund companies added to the SFC's virtual asset management fund company list. Stay tuned for more updates! 🚀🚀🚀