Hong Kong was ranked on the top of the list of the world's most crypto-ready nation on the Worldwide Crypto Readiness Report, has been riddled with scammers eyeing the world. Within the first six months of 2022, Hong Kong had witnessed an alarming 105 percent hike in crypto scams as being compared to the same period in 2021. As per a report, the crypto community of Hong Kong has altogether lost around $50 million (roughly Rs. 400 crore) to conmen this year so far.

HIGHLIGHTS
Hong Kong witnessed an alarming 105 percent hike in crypto scams
798 cybercrimes were reported in Hong Kong which were for crypto-related
It has scored 8.6 out of 10 in-terms of being profitable for the crypto sector

Out of the 10,613 cybercrimes that were reported in Hong Kong this year, 798 were made for crypto-related ones. Well, the hike in crypto scams in Hong Kong has been linked to the recognition that the digital assets sector has been garnering within the nation.

As per Triple-A statistics, Hong Kong had contained more than 245,000 cryptocurrency owners in 2021. The government there has been trying to border the sensitive sector in laws in order to make sure that the investors were safeguarded against monetary hazards.

This year in July, a brand new legislation came into existence in Hong Kong that had mandated a licensing regime for crypto service providers operating within the country.

As per the Worldwide Crypto Readiness Report, Hong Kong has scored 8.6 out of 10 in-terms of being profitable for the crypto sector.

The study had rated nations out of 10 in crypto-readiness and had analyzed many aspects before declaring Hong Kong as the most crypto-friendly country. Well, these aspects would include the number of crypto ATMs, the legislation and taxes surrounding cryptocurrencies along with the variety of blockchain start-ups that were flourishing within the ecosystems.

Hong Kong had emerged to be among the most nurturing countries in-terms of blockchain-related start-ups.

Americans have also been losing money to investment scams, and imposters would be pretending to be business consultants and government officials.

Also Read: Crypto Scam Websites Registered 9.6 Million Visit From India in 2021: Report