Hong Kong has taken its plans of becoming a crypto hub into a new dimension. The latest report says the world’s largest cryptocurrency exchange, Binance, is training the Hong Kong Police Force to fight crypto-related crimes.
As the city moves towards its plans to become Asia’s crypto hub, cybercrime, and crypto-related scams might become prevalent. Therefore, the Special Administrative Region is readying itself ahead of possible issues that might arise when its plans finally fall into place.
Binance, Hong Kong Police Collaborate To Fight Cybercrime
According to Binance’s blog post on February 3, it participated in a Virtual Asset Investigation Course (VAIC) by the Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force (HKPF). The report stated that the police pioneered the course to strengthen law enforcement against the increasing cybercrime in the region.
The training lasted five days and aimed to equip the Hong Kong authorities with the knowledge and capability to fight and prevent crypto-related crime. Binance’s team covered some crucial topics during the course. Some course topics include case studies on cryptocurrency-related investigation techniques and how the exchange can assist criminal investigations with law enforcement agencies.
Head of law enforcement training at Binance, Jarek Jakubcek, noted that his firm takes user security as a top priority and is fully committed to building a secure cryptocurrency ecosystem by supporting and fortifying international security.
Notably, Binance launched its Global Law Enforcement Training Program in 2022. So far, the exchange has conducted more than 70 workshops for many law enforcement agencies. It aims to fight against digital financial crimes and cybercrimes across the globe, especially in the cryptocurrency industry.
Binance is gradually increasing its dominance in the Hong Kong crypto and blockchain industry with these recent moves. The crypto exchange increased its pace in projecting itself into the city’s crypto space after Hong Kong declared plans to become a crypto hub in Asia.Â
Hong Kong Monetary Authority Sanitizes Crypto Industry, Encourages Licensing
On Thursday, Binance’s CEO, Changpeng Zhao, praised the Hong Kong Monetary Authority’s approach to stablecoin’s oversight and its moves to ban the trade of algorithm stablecoins.Â
Last week, the Hong Kong Monetary Authority issued a paper discussing the risks associated with stablecoins. As a result, the Special Administrative Region of China stated that they would no longer accept algorithmic stablecoins.
However, stablecoin holders can redeem their assets in fiat currency within a given period. While this news could be disheartening to some stablecoin issuers and holders in Hong Kong, Binance’s CZ applauded 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. As per Bloomberg reports, Chan said Hong Kong is committed to becoming Asia’s crypto hub and is ready to roll out licenses to companies.Â
Hong Kong remains a pro-crypto administrative region in contrast with mainland of China. On January 9, during the Hong Kong Web3 Innovator Summit, Paul Chain reaffirmed that the city would continue in its pursuit to become a global crypto hub.
Binance’s latest moves confirm that several crypto and tech firms are planning to move their headquarters or expand in Hong Kong.
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