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Hong Kong is stepping up efforts to fight money laundering involving cryptocurrencies.
The city’s Customs and Excise Department has partnered with the University of Hong Kong to develop a tool that tracks suspicious cryptocurrency transactions.
According to a June 12 report by the South China Morning Post, the goal is to help officials identify and investigate digital money trails that may be used to conceal illicit funds.
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During a press briefing, Assistant Commissioner Mario Wong Ho-yin explained that tackling these crimes requires a joint effort from law enforcement, finance experts, and academic researchers, since no single group can manage it alone.
Wong did not share technical details about how the crypto-tracking system works, as he noted that the project is still under development. However, the focus is to bring data, research, and cooperation to improve how digital crimes are handled.
Between 2021 and May 2025, Hong Kong authorities handled 39 large-scale money laundering cases. Out of those, seven involved crypto.
According to the report, over HK$1.8 billion (about US$229 million) was transferred through more than 1,000 shady transactions, which involved five companies and 18 local bank accounts. Three people were arrested, and two were suspected of transferring HK$760 million through a crypto platform.
In a separate case, authorities in Hong Kong, in cooperation with Chinese police, recently shut down a cryptocurrency-based money laundering operation. How did the raid unfold? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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