Hong Kong Establishes Virtual Asset Intelligence Task Force to Combat Cybercrime

According to PANews, the Hong Kong Police Force's Cyber Security and Technology Crime Bureau hosted the Web3 Intelligence and Law Enforcement Summit today, where they officially launched the Virtual Asset Intelligence Task Force (VAIT). The VAIT, led by the Hong Kong Police Force, comprises law enforcement agencies, financial regulators, and licensed virtual asset service providers. Its goal is to enhance the detection and prevention of crimes related to virtual assets and cybersecurity threats through intelligence sharing and collaboration. Police Commissioner Chow Yat-ming reported that in the first eight months of this year, there were 1,463 cases related to virtual assets, including 15 hacking incidents targeting Web3 institutions, resulting in losses of approximately HKD 1.29 billion. The establishment of VAIT aims to promote compliance and security within the virtual asset ecosystem through a public-private partnership model, thereby strengthening market integrity and asset protection. Previously, the Hong Kong Security Bureau had also formed a virtual asset intelligence task force to collaborate with relevant platforms in establishing a payment suspension mechanism.