Hong Kong Police Pressure Unveils Revolutionary Metaverse

The Hong Kong police launched a brand new Web3 platform referred to as “CyberDefender Metaverse” as a part of their technological developments. To mark this milestone, the police drive organized an inaugural occasion titled “Exploring the Metaverse” throughout the digital realm.

In an effort to boost public consciousness concerning the potential dangers linked to Web3 and the metaverse, the Hong Kong police launched this metaverse platform. The platform primarily goals to coach people concerning the potential risks that may come up inside this digital realm. To foster discussions on crime prevention methods throughout the metaverse, the occasion passed off throughout three digital venues.

The occasion was particularly organized on the newly launched platform and aimed to have interaction individuals in proactive conversations about making certain security inside this digital realm.

Through the occasion, Chief Inspector Ip Cheuk-yu from the Cyber Safety and Know-how Crime Bureau (CSTCB) delivered a complete presentation on the dangers related to Web3.

With utmost concern, he highlighted to the attendees that the metaverse presents potential risks comparable to fraud, hacking, theft, and sexual offences. Along with addressing the dangers posed by the metaverse, the occasion positioned a major emphasis on the utilization of digital belongings by fashionable cybercriminals.

Attendees have been enlightened concerning the developments made in combating crypto crime and the continuing efforts to mitigate its influence. By delving into this facet, the occasion supplied worthwhile insights into the evolving panorama of cybercrime and the strides taken to curb illicit actions involving digital belongings.

Ip Cheuk-yu acknowledged:

All crimes within the our on-line world may additionally occur within the metaverse, comparable to funding frauds, unauthorized entry to methods, theft and sexual offenses.

A Surge in Legal Actions Evident Inside the Metaverse

In keeping with the Hong Kong police drive, the town witnessed a staggering 2,336 digital asset-related crimes in 2022 alone.

These incidents inflicted substantial monetary losses of $1.7 billion upon the victims. The gravity of the state of affairs turns into much more obvious as the primary quarter of this 12 months has already reported 663 instances of comparable nature.

Alarmingly, the losses reported throughout this quick interval amounted to $570 million, showcasing a worrisome enhance of 75 per cent when in comparison with the identical interval in 2022.

These statistics underscore the urgent want for proactive measures to deal with the rising development of digital asset-related crimes and shield people from vital monetary hurt.

Revised Anti-Cash Laundering Laws Launched

This week, together with the introduction of the brand new metaverse platform, the Hong Kong Securities Regulatory Fee (HKSRC) launched revised anti-money laundering (AML) pointers.

The informative information outlines the ways employed by offenders to launder cash by way of digital belongings and presents complete measures for monetary establishments to defend themselves from illicit engagements.

These up to date rules can be relevant to all corporations concerned in digital belongings and entail heightened Know Your Buyer (KYC) and due diligence obligations.