China's Supreme People's Procuratorate Targets Blockchain and Metaverse Cybercrimes

According to Cointelegraph: As cybercrimes are on the rise, China's Supreme People's Procuratorate (SPP) – the country's top prosecutorial body – is aiming its sights at criminals utilizing blockchain and metaverse projects for illicit activities. The SPP reports an alarming increase in online fraud, cyber violence, and personal data breaches, particularly in blockchain landscapes and within metaverse platforms. Ge Xiaoyan, Deputy Prosecutor-General of the SPP, stated telecom fraud related to cybercrime surged by 64% year-on-year. The shift of traditional crimes like gambling, theft, pyramid schemes and counterfeiting into the digital space has augmented the challenge. Cases of internet theft rose nearly by 23%, while charges related to online counterfeiting and sale of subpar goods surged by around 86%. From January to November, the Procuratorate pressed charges against 280,000 individuals in cybercrime cases, representing a 36% year-on-year increase. These accounted for a staggering 19% of all criminal offenses, as reported by Xiaoyan. Zhang Xiaojin, the director of the Fourth Procuratorate of the SPP, cautions public and digital asset participants about investment scams within the local crypto economy. He underscored the proliferation of new cybercrimes leveraging the metaverse, blockchain, and binary options platforms, stating digital currencies have become hotspots for such activities. Despite China's steadfast efforts to eradicate digital asset-related crimes, Hong Kong adopts a contrasting strategy, promoting crypto-friendly regulations to streamline its digital asset ecosystem and protect investors without stifling innovation. As yet another step to maintain financial stability, the People’s Bank of China (PBoC) – the Chinese central bank – stated in its latest stability report the need for cryptocurrency industry regulation through multi-country joint efforts.