The latest reports revealed that the Police Force of Hong Kong has launched a new web3 project called the CyberDefender. According to the developers, the new project would inform meter-verse users of the potential risks associated with the metaverse and Web3.
According to the report, the Cyber Security and Technology Crime Bureau, CSTCB, has created a new protective metaverse platform dubbed CyberDefender. The project aimed to prepare Hong Kong people for the potential challenges they would face in the fast-emerging digital age.
In addition, CyberDefender is aimed to prevent and protect HK citizens from cyber crimes, especially in the metaverse.
Ip Cheuk-yu, the Chief Inspector at CSTCB stated that the creation of CyberDefender was a huge milestone and a crucial step towards securing the citizens of HK in the metaverse space. In addition, he urged participants at the official launch of the platform to be cautious while exploring the virtual land.
Furthermore, he pointed out that the same criminal activities that plague cyberspace can also emanate in the metaverse. He cited examples like illegal access to systems, investment fraud, theft, and sexual harassment.
The decentralized system of digital assets metaverse has sporadically increased the rate of scams and asset theft as it makes it easier for online fraudsters to target users’ wallets and smart contracts with the aim to steal funds.
Hong Kong Records Increase In Digital Crime Rates
In addition, the Hong Kong crypto market which is lately seeing a massive influx of crypto startups, has been experiencing an increase in crime rates, especially in the Q1 of 2023. Hence, the creation of the CyberDefender by CSTCB comes at the right time.
In the first quarter of 2022, the Hong Kong Police recorded about 663 digital assets fraudulent cases. The total funds that the investors reportedly lost to those cases summed up to about $570 million, marking a 75% increase compared to last year’s.
Meanwhile, smart cities are becoming more dependent on various technologies, and as such, the Hong Kong law enforcers believe that their newly launched educative platform, CyberDefender, would go a long way in helping users familiarize themselves with the potential risks associated with these technologies and how to prevent being harmed by its components.
In addition, the CyberDefender Metaverse project is a crucial tool to build a digital ecosystem that allows young people to participate in thoughtful conversations about the metaverse. It also provides avenues for young minds to talk about the possible risks in the virtual space and how they can handle them without harming themselves.
Meanwhile, the launching of the new platform follows shortly after Nanjing reportedly launched its Metaverse Tech and Application Innovation. Nanjing is the capital of the eastern Jiangsu region in China.
The Nanjing University of Inform., Science and Tech. sponsored the new project. The University plans to facilitate research and development in the Web3 and metaverse in the country.
HK To Adopt New Crypto & Web3 Regulatory Framework By June
On the other hand, the securities regulators in Hong Kong have recently finalized their consultation paperwork on the potential regulatory framework for digital assets trading firms. The regulations drafted by the authorities are scheduled for enforcement in June.
As stated in the new regulatory framework, Hong Kong would let retail investors trade certain tons with large capitulations on registered exchanges in the region. However, all necessary safety measures like risk profiles, knowledge tests, and others should be kept in place.
In addition, the regulators plan to start offering licenses to crypto platforms applying to start operations in the region. Nonetheless, it pointed out that registered platforms need to duly observe the long list of customer protection regulations which included token governance, listing, admission, etc before they can offer their trading services to retailers in the state.
The new regulation waves hit Hong Kong at a time the city eagerly strives to become the leading crypto and Web3 hub Centre in Asia and globally.