Hong Kong’s losses to crypto scams doubled to $217M last year: Report
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Some countries worldwide suffered bigger financial losses to cryptocurrency scams despite a massive bear market in 2022.
Losses from crypto scams in Hong Kong amounted to 1.7 billion Hong Kong dollars ($216.6 million) last year — surging 106% from a year before — according to local police.
The number of crypto-related scams reported in Hong Kong in 2022 equaled 2,336 cases, surging 67% from 1,397 cases recorded by police in 2021, the South China Morning Post (SCMP)
The report comes amid the government of Hong Kong becoming increasingly engaged with the development of cryptocurrency infrastructure, distinguishing its crypto regulation approach from China’s blanket crypto ban enforced in 2021. In February, Hong Kong’s Securities and Futures Commission called for public feedback on the newly proposed licensing regime for crypto exchanges set to take effect from June 2023.
