Incidents of ‘Scams’ increased in this country, which topped the crypto-ready countries

Hong Kong is full of cryptocurrency scammers. In the first six months of 2022, crypto scams in Hong Kong have seen a whopping 105 percent increase compared to the same period in 2021. Recently, Hong Kong topped the list of world’s crypto-ready countries on the Worldwide Crypto Readiness Report. According to the report of South China Morning Post, Hong Kong’s crypto community has lost about $ 50 million (about Rs 400 crore) from the scam.

The South China Morning Post said in its report that out of 10,613 cybercrimes reported in Hong Kong so far this year, 798 have been related to crypto-related people. The rise in crypto scams in Hong Kong is being linked to the popularity of the digital asset space in the country.

According to data from Triple-A, Hong Kong had more than 245,000 cryptocurrency owners in 2021.

The government there is trying to legislate such a sensitive sector, so that investors can be protected from financial dangers.

In July this year, a new law was passed in Hong Kong, which mandates a licensing regime for crypto service providers operating in the country.

According to the Worldwide Crypto Readiness Report, Hong Kong scored 8.6 out of 10 in terms of being attractive to the crypto sector.

The study, which evaluated ten countries in crypto-readiness, analyzed several aspects before declaring Hong Kong as the most crypto-friendly country. These aspects include the number of crypto ATMs, laws and taxes enacted in the cryptocurrency space as well as the number of blockchain start-ups thriving in the ecosystem.

Hong Kong has also become one of the most supportive countries in terms of blockchain-related start-ups.

The US achieved a score of 7.7 in this report and is second on the list. The US has also seen an increase in crypto scams.

A recent report by BanklessTimes claimed that US crypto investors lost $185 million (approximately Rs 1,500 crore) in scams between January 2021 and March 2022 and a total of $1 billion (about Rs 8,000 crore) in other fraudulent activities. More damage was done.

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