Bitrace trains Hong Kong police in crypto-tracking

Blockchain data analytics company Bitrace remains resolutely committed to fighting crime in the crypto sector. To this end, the company has provided training on cryptocurrency tracking to Hong Kong’s law enforcement agencies. The knowledge gained should help Hong Kong authorities to better combat crypto-related crime.

Hong Kong law enforcement agencies undergo training

Regulatory and law enforcement agencies are strengthening their understanding of the crypto ecosystem to ensure the safety of citizens’ crypto assets and maintain a suitable business environment. Indeed, Hong Kong’s law enforcement agencies have undergone training on cryptocurrency tracing. The training was provided by blockchain data analytics company Bitrace. It mainly targeted the Cyber Security and Technology Crime Bureau (CSTCB) and the Commercial Crime Bureau (CCB).

According to Bitrace CEO, regulatory agencies are often lagging in understanding the methods of crypto crime. As a result, the repressive policies put in place by states prove inadequate and ineffective. The aim is simple: that this training on tracking on-chain funds will help create a healthier crypto ecosystem and position Hong Kong as a hub for the sector in Asia.

Some State regulators see crypto companies as tools for fraud and money laundering. This sometimes justifies unbearable pressures such as Binance in Nigeria. Yet, crypto companies are undoubted pillars in the fight against the illegal use of crypto. Last year, Kraken helped the English police to convert 2 million stolen cryptos. For its part, Tether has integrated the FBI on its platform to prevent any illegal use of its USDT stablecoin.

Law enforcement and state regulators need to reconsider their relationship with crypto companies. Without the input of crypto players, the fight against this crime is doomed to failure.