Hong Kong authorities gaining experience in disrupting illicit crypto activities: experts
- Post speaks to cryptocurrency experts after kidnapping involving demand for Tether stablecoin in exchange for boy’s return
![Hong Kong authorities have amassed experience in tracing criminal activities involving cryptocurrencies, with a speedy response being key, experts say. Photo: Getty Images](https://cdn.i-scmp.com/sites/default/files/styles/1020x680/public/d8/images/canvas/2024/07/13/5442fccb-96f1-43e5-95f9-0fe686d9c03e_185d6c9f.jpg?itok=HK312VZn&v=1720882498)
The Post reached out to three cryptocurrency experts after a recent case in the city in which two kidnappers demand a ransom to be paid in Tether, a stablecoin pegged to the US dollar, to ensure the safe return of a three-year-old boy.
A Post search also found some underground football betting platforms claiming to accept Tether tokens. The Jockey Club is the only licensed betting operator in Hong Kong.
The experts said the city had accumulated law enforcement experience when it came to cryptocurrencies, to a point where authorities could easily trace money-laundering activities that used such virtual assets.
Joshua Chu Kiu-wah, a lawyer specialising in technology disputes and cybersecurity, said the focus should be less on new laws and regulations since the virtual assets were already covered, and the key was “more about knowing how to apply existing rules”.
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