China Ramps Up Fight Against Cybercrime: Blockchain and Metaverse in Focus
China's Supreme People’s Procuratorate (SPP) is intensifying its efforts against cybercrime, targeting wrongdoers exploiting blockchain and metaverse platforms.
The SPP is alarmed by the surge in online scams and personal data breaches.
Reports indicate a sharp increase in cybercrimes facilitated by blockchains and metaverses. Criminals are now turning to cryptocurrencies for laundering illicit funds, complicating detection.
Deputy prosecutor-general Ge Xiaoyan disclosed a 64% spike in telecom fraud charges. Traditional crimes like gambling and theft are also migrating to cyberspace.
Charges related to internet theft rose by nearly 23%, while those for online counterfeiting soared by 86%.
Procuratorates filed charges against 280,000 individuals for cybercrimes between January and November, constituting 19% of all criminal offenses.
Director Zhang Xiaojin warned about investment scams in the local crypto scene. He noted the rise of cybercrimes in the metaverse and stressed the need for heightened vigilance.
READ MORE: Major Financial Platform Gives Nod to Select Bitcoin ETFs
China’s crackdown on digital asset-related crimes contrasts with Hong Kong’s approach of fostering crypto-friendly regulations to protect investors and promote innovation.
The People’s Bank of China (PBoC) highlighted the importance of global cooperation in regulating cryptocurrency assets in its latest report.
In 2021, the PBoC announced measures to curb crypto adoption in mainland China, despite it remaining a major crypto-mining hub despite the ban.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
