Hong Kong Launches Virtual Asset Intelligence Task Force to Combat Cybercrime

The Hong Kong Police Force has taken a proactive step against cybercrime by launching the Virtual Asset Intelligence Task Force (VAIT). This task force, led by the police’s Cyber Security and Technology Crime Bureau, brings together law enforcement agencies, financial regulators, and licensed virtual asset service providers. The goal is to enhance crime prevention and detection in the evolving world of virtual assets, particularly cybersecurity threats. 1,463 cases involving virtual assets were reported in the first eight months of the year, including 15 hacking incidents targeting Web3 institutions causing significant losses estimated at HKD 1.29 billion.