China's Supreme Legal Office Intensifies Fight Against Blockchain and Metaverse Cybercrimes
Summary:
China's Supreme People's Procuratorate (SPP) is escalating efforts against rising cybercrimes, particularly those involving blockchain and metaverse platforms. The country has seen a marked increase in traditional crimes, such as fraud and theft, moving into cyberspace. The SPP has charged 280,000 individuals in cybercrime cases between January and November, representing a 19% total of all criminal offenses. The People's Bank of China has also addressed the need for better cryptocurrency regulation in its financial stability report. Despite strict regulations, mainland China remains a significant hub for crypto-mining.
China's Chief Legal Office, the Supreme People's Procuratorate (SPP), is escalating its efforts to counter the growing problem of cybercrime. It is particularly concerned with crimes conducted via blockchain and metaverse platforms, which increasingly become tools for online fraud, violent cyber activities, and breaches of personal data. As reported by Chinadaily, an escalation in crimes within the blockchain and metaverse realms has been noticed, with cryptocurrencies frequently utilized for masking profits from unlawful deeds.
Deputy Prosecutor-General of the SPP, Ge Xiaoyan, revealed the rise of crimes associated with cyber-relations, specifically telecommunication fraud, noting a 64% increase annually. Conventional illicit activities, for instance, gambling, theft, pyramid schemes, and conning, are now spreading in the digital world. Based on Xiaoyan's statement, accusations linked to internet theft escalated by almost 23%, while online counterfeiting and subpar goods selling hikes almost at an 86% rate.
Between January and November, Prosecutor offices filed charges against 280,000 people involved in cybercrimes. This is a 36% rise from last year and accounts for 19% of the total criminal activities. The data was supplied by Xiaoyan.
Zhang Xiaojin, in charge of the Fourth Procuratorate of the Supreme People’s Procuratorate, informed the public and digital asset industry players on potentials investment fraud within China's local crypto environment.
The alarming increase in novel cybercrimes exploiting the metaverse, blockchain, and binary platform options was highlighted by Xiaojin. Digital currencies are becoming hotbeds for such offenses, stressing the importance of escalating vigilant measures.
Taking a different route, Hong Kong has addressed the issue of increasing illicit activities within the metaverse. Rather than cracking down on cryptocurrency usage, Hong Kong has chosen to establish crypto-friendly laws, aiming to set standards for their digital asset ecosystem. The goal is to protect investors but also to promote innovation.
The People's Bank of China (PBoC), in its most recent financial stability report, tackled matters surrounding cryptocurrency regulation and decentralized finance (DeFi). The bank dedicated an exclusive part of the report to emphasize the need for collaboration and regulation on a global scale, particularly in the cryptocurrency assets industry.
In 2021, the PBoC declared strict measures to mitigate crypto utilization in mainland China, and foster stronger inter-agency coordination in suppressing local crypto activities. Despite a nearly total ban on cryptocurrency transactions and mining, mainland China preserves its status as a leading hub for crypto-mining.
Published At
2/25/2024 2:09:49 PM
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