China's Attorney General's Crackdown on Blockchain Cybercrime

China's Supreme People's Procuratorate (SPP), the country's top prosecutorial authority, is taking strict action against criminals who use blockchain and metaverse technology for illegal activities. This step was taken to address the increase in cybercrime in China.

SPP is concerned about the increase in online fraud, cyber violence and personal information breaches. They report a significant increase in cybercrime committed on the blockchain and metaverse. Criminals are increasingly using cryptocurrencies for money laundering, making it difficult to trace their illegal wealth.

Increase in Cyber ​​Crime

Cases of telecommunications fraud related to cybercrime increased 64% year-on-year. Internet theft cases increased by almost 23%. Cases of counterfeiting and selling low-quality goods online jumped by almost 86%.

The SPP brought charges against 280,000 people in cybercrime cases between January and November 2023. This figure represents a 36% year-on-year increase, and accounts for 19% of all criminal offences.

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Warning to the Community

SPP Fourth Prosecutor's Director, Zhang Xiaojin, warned citizens and digital asset businesses about investment fraud in the local crypto market.

Xiaojin highlights the emergence of new cybercrime using metaverse, blockchain and binary options platforms. According to him, digital currency has become the focal point of these activities, so people need to be more vigilant.

Different Crypto Policies Between China and Hong Kong

The differences in crypto regulatory policies between China and Hong Kong are quite significant, even though both are located in Asia. Here are some of the main differences, namely:

1. Crypto Policy Rules in China

• Crypto Activity Restrictions

China has implemented various bans on crypto activities. In 2017, the Chinese government banned domestic cryptocurrency exchanges and ICOs (Initial Coin Offerings) and stopped most crypto trading. In 2021, Chinese authorities further tightened their control by banning Bitcoin mining and other crypto activities in several regions.

• Strict supervision

The Chinese government implements strict supervision of crypto activities. This includes blocking access to websites and apps associated with crypto exchanges as well as taking legal action against individuals or companies involved in illegal crypto activities.

• Development of Government Digital Currency (CBDC)

Although China bans most decentralized cryptocurrencies, the country is active in the development of its own government digital currency, known as Digital Currency Electronic Payment (DCEP) or e-Yuan. DCEP is seen as an attempt to modernize the domestic payment system and reduce dependence on foreign currency.

In 2021, the People's Bank of China has implemented several regulations, such as:

• Calling for joint regulation by various countries of crypto assets.
• Launching actions to counter crypto adoption in mainland China.
• Mainland China remains a major crypto mining hub despite a ban on almost all crypto mining transactions and activities.

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2. Crypto Policy Rules in Hong Kong

• More Open Regulations

Hong Kong has a more open approach to crypto compared to mainland China. The Hong Kong government does not ban crypto exchanges or ICOs, although it does monitor such activities.

• Open Legal Environment

Hong Kong has an independent legal system and the government implements more law-based regulations. This creates a friendlier environment for blockchain and crypto companies to operate, with greater legal certainty guaranteed.

• Strictly Regulated Regulations

Despite being more open than mainland China, the Hong Kong government still enforces strict rules and regulations when it comes to crypto. This includes compliance with anti-money laundering (AML) regulations and tax avoidance measures.

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Monitor price chart movements  of Bitcoin (BTC) ,  Ethereum (ETH ),  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read: 

How are Cryptocurrency Regulations in Japan? What are the Tax Rules?

How are Cryptocurrency Regulations in Australia, Complete Explanation and Tax Rules

What is Insider Trading and What are the Legal Rules?

DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.