Blockchain Cyber ​​Crimes Trigger Action From China’s National Procuratorate.

To tackle rising cybercrime, China's procuratorate — the country's top prosecuting authority — is targeting criminals for illegal activities through blockchain and metaverse projects. S.P.P. He said he was concerned about the rise in online fraud, cyber attacks and breaches of personal data.

SPP has seen a significant increase in cyber crimes committed in the blockchain and metaverse. It makes it difficult for criminals to trace their illicit assets.

SPP Deputy Chief Prosecutor Jay Xiaoyan said that telecom fraud cases related to cybercrime have increased by 64% year-on-year. As blockchain-related crimes are on the rise, traditional crimes such as gambling, theft, pyramid schemes, and counterfeiting have also expanded into cyberspace.

Xiaoyan said that prosecutions related to Internet theft have increased by 23 percent, while online sales of counterfeit and substandard goods have increased by 86 percent.

Prosecutors filed charges against 280,000 individuals in cybercrime cases between January and November. This represents a 36 percent year-over-year increase, accounting for 19 percent of all criminal offenses, Xiaoyan reported.

Zhang Xiaojin, the fourth procuratorate director of the SPP, also warned citizens and participants of digital assets about investment scams in the local crypto economy.

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Xiaojin pointed out the rise of new cybercrimes using metaverse, blockchain and binary options platforms, and highlighted the need for vigilance, saying that digital currencies have become a focal point for these activities.

China's efforts to control digital property crimes are different from Hong Kong's. China's special administrative region has taken a different approach by implementing crypto-friendly regulations to protect investors without stifling innovation and standardization of its digital asset ecosystem.

The People's Bank of China (PBC) recently addressed issues related to cryptocurrency regulation and decentralized finance in its Financial Stability Report. China's central bank has dedicated a separate section to cryptocurrency assets in its report, noting that the industry needs to be regulated through joint efforts by various countries.

In the year In 2021, the PBC officially announced measures to combat crypto adoption in mainland China, pushing for stronger inter-departmental coordination to curb crypto activity in the country. Although the ban covers all crypto transactions and crypto mining, mainland China remains a major crypto-mining hub.

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