The Hong Kong Police Force has launched CyberDefender, a new Metaverse platform aimed at educating the public about the potential threats associated with Web3 and the Metaverse.
The platform, developed by the Cyber Security and Technology Crime Bureau (CSTCB), was created to prepare Hong Kong citizens for the challenges ahead in the digital age, with a focus on prevention of technology crime, the government said in a recent statement,
CSTCB Chief Inspector Ip Cheuk-yu said that CyberDefender is a necessary step towards ensuring civilian safety in the metaverse. Speaking at the platform’s official launch event, he urged attendees to exercise caution when navigating the metaverse
“All crimes in cyberspace can also occur in the metaverse, such as investment fraud, unauthorized access to systems, theft, and sexual crimes.”
The decentralized nature of virtual assets in Web3 increases the risk of asset theft, as cybercriminals can target endpoints, virtual asset wallets, and smart contracts.
Hong Kong sees a rise in digital crime
This new initiative by the CSTCB comes as there has been a significant increase in the level of virtual property crime in Hong Kong during the first quarter of the year.
The Hong Kong Police Force reported 663 cases involving virtual assets, resulting in total losses of $570 million, up 75% compared to the first quarter of 2022.
As smart cities become more dependent on technology, the Hong Kong Police Force believes its education initiative can help raise awareness among teenagers about the latest advances in information technology, the potential pitfalls and the importance of preventing technology crimes. can help.
The CyberDefender Metaverse Platform is an essential tool for creating a virtual space where young people can engage in meaningful conversations about the Metaverse and technological risks, while also learning how to protect themselves.
Meanwhile, the announcement followed the launch of the China Metaverse Technology and Application Innovation Platform by Nanjing, the capital of China’s eastern Jiangsu province.
The platform, which is being led by the Nanjing University of Information Science and Technology, aims to promote research and development in the metaverse across the country.
hong kong will adopt new regulatory system from next month
with the Securities and Exchange Board of Hong Kong concluded Its consultation paper on the proposed regulatory regime for crypto trading platforms, which is set to come into effect from June.
Under the new rulebook, the city-state will allow retail investors to trade specific “large-cap tokens” on exchanges licensed in the city, given that safeguards such as knowledge tests, risk profiles and appropriate risk limits are put in place. .
The agency will also start licensing crypto exchanges.
However, it noted that licensed platforms “must adhere to robust investor protection measures covering onboarding, governance, disclosure and token due diligence and on-boarding before providing trading services to retail investors.”
Hong Kong’s new regulatory regime comes as the city is pushing to establish Web3 and blockchain as a hub of digital innovation in Asia.