In response to an increase in online fraud and the theft of personal data, the Chinese Supreme People’s Procuratorate (SPP) is focusing on cybercriminals who use blockchain and metaverse platforms for illicit purposes.
Cybercrime-related telecom fraud charges have increased 64% year over year, according to Deputy Prosecutor General Ge Xiaoyan’s report. Even if crimes involving blockchain technology are on the rise, more conventional crimes like gambling and counterfeiting have also moved online. Online counterfeiting increased 86% while charges for online theft increased 23%.
Prosecutors brought charges in cybercrime cases against 280,000 people between January and November, up 36% from the previous year and accounting for 19% of all crimes.
Director of the Fourth Procuratorate of the SPP Zhang Xiaojin alerted the public to investment schemes in cryptocurrencycurrency, pointing out the increase in crimes utilizing binary options, blockchain, and metaverse platforms. According to him, criminal activity has found a home in digital currencies.
Hong Kong has cryptocurrency-friendly laws that safeguard investors without impeding innovation, in contrast to China’s harsh crackdown on cryptocurrencycurrency crimes. The People’s Bank of China’s most recent study emphasized the necessity of coordinated international regulation of cryptocurrencycurrencies.
China outlawed cryptocurrencycurrency mining and transactions in 2021, yet despite the crackdown, China continues to be a key mining hub. In order to reduce the use of cryptocurrencycurrencies and cybercrimes involving digital assets, the SPP seeks to improve interdepartmental coordination.
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