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

Odaily report: In an interview, Holden Chow, a member of the Hong Kong Election Committee and the Legislative Council, stated that the government submitted the "Stablecoin Regulation Bill" to the Legislative Council for first and second readings last week, establishing a regulatory system for the issuance of fiat-backed stablecoins. Hong Kong's first batch of Bitcoin and Ethereum spot ETFs were also listed this year. Chow is optimistic about the integration of the crypto-virtual economy and the real economy, and hopes the government will continue to improve the relevant legal framework, remove barriers, and promote the development of the crypto industry under controllable risks. Chow believes that if the industry develops well, it will be crucial for consolidating Hong Kong's status as an international financial center and developing it into an international innovation and technology center. The Hong Kong Police Force stated that they received over 3,400 cases related to cryptocurrencies last year, with a total loss of over 4.3 billion Hong Kong dollars. In the first 10 months of this year, there were more than 2,100 cases, with a total loss of over 3.1 billion Hong Kong dollars. The single highest loss in the related cases was around 1.6 billion Hong Kong dollars. Chow stated that in addition to strengthening regulation and public education, the public should also learn more about cryptocurrencies, understand the investment risks, and avoid chasing quick profits. Investors should choose licensed trading platforms and invest within their means.