Hong Kong police: Received more than 2,100 encryption-related cases in the first ten months of this year, with losses exceeding 3.1 billion yuan

Wu Jiezhuang, a member of the Legislative Council of the Hong Kong Election Committee, said in an interview that last week the government submitted the "Stablecoin Bill" to the Legislative Council for first and second readings to establish a regulatory system for issuers of fiat stablecoins. The first batch of spot ETFs for Bitcoin and Ethereum in Hong Kong were also listed this year. He is optimistic about the combination of the virtual economy and the real economy of cryptocurrencies, and hopes that the government will continue to improve the relevant legal framework, remove the walls and loosen the restrictions for the industry, and promote the development of the cryptocurrency industry under controllable risks. Wu Jiezhuang believes that if the industry develops ideally, it will be very important to consolidate Hong Kong's status as an international financial center and develop into an international innovation and technology center. The Hong Kong police said that they received more than 3,400 cases related to cryptocurrencies last year, with losses exceeding 4.3 billion yuan. In the first 10 months of this year, there were more than 2,100 cases, with losses exceeding 3.1 billion yuan. Among the related cases, the single highest loss amount was about 1.6 billion yuan. Wu Jiezhuang said that in addition to strengthening supervision and publicity and education by the Hong Kong government, citizens should also learn more about cryptocurrencies, understand investment risks, avoid being greedy for small profits, choose licensed trading platforms when investing, and do what they can. (Wen Wei Po)