2024 is a milestone year for the Web3 industry. This year, major financial centers including the United States and Hong Kong launched a series of regulatory compliances to help the Web3 industry grow in an orderly manner in the country; through RWA (real world assets) on-chain, virtual asset spot ETFs, and Meme cultural dissemination Through other methods, the scale of the industry has grown explosively; the entry of sovereign funds and traditional listed companies has pushed the total market value of Crypto to unprecedented heights.

For Bitrace, 2024 is also a year of breakthrough. This year, we have been deeply involved in the Hong Kong market, helping local law enforcement agencies investigate currency-related crimes, and assisting regulatory authorities to better understand the encryption market; based on our understanding of the encryption crime ecology, we have investigated public security incidents and provided loss recovery services for hundreds of victims. ; Further improve the supervision, compliance, and investigation tool products and service support based on AI and big data technology to provide customers with more accurate and efficient identification and monitoring of risks and criminal activities in the chain.

Next, we will introduce these three keywords to you.

Hong Kong launched a new Web3 industry policy in 2023 that attracted global attention, aiming to be based on regulations such as anti-money laundering (AML) and combating the financing of terrorism (CFT). To regulate the industry, this plan will also be continued in 2024. Following the implementation of the VASP licensing system, legislative activities for stablecoins, payments and VAOTC have begun.

As a local regulatory technology company in Hong Kong, Bitrace has always maintained close cooperation with Hong Kong in law enforcement. Providing assistance with supervision and other fields——

For law enforcement cooperation. Bitrace not only helped the Hong Kong police investigate many large-scale and well-known currency-related cases and recover damaged assets for victims of related incidents, but also provided dozens of Crypto tracking analysis trainings to law enforcement officers to enhance the police’s on-chain analysis capabilities and better Combating currency-related crimes;

For regulatory cooperation. Based on its understanding of current common currency-related criminal methods and the cryptocurrency money laundering industry, Bitrace provides leading regulatory tools and solutions to regulatory authorities including Hong Kong Customs, the Hong Kong Monetary Authority, and the Hong Kong Securities and Futures Commission.Real-time threat intelligence to better monitor and prevent criminal activities and identify related criminal funds.

As a result, it has gained widespread recognition in the industry. This year, Bitrace was invited to participate in Hong Kong A number of large-scale financial technology forum activities, and with its advanced experience and innovative solutions in the Regtech field, it was selected as Invest HK Fintech “Must-know” 2024.

As the overall market value of the industry has expanded this year, fraud-related criminal activities have become more frequent. Bitrace has continued to provide industry users and institutions with services and achieved greater results——

For the currency-related criminal industry Research. Our engineers and investigators sort out and dismantle the current popular criminal methods and changing trends through real case investigations, open source network intelligence, field surveys, etc. The geographical scope covers Hong Kong, Southeast Asia, Mainland China, Taiwan, Japan, South Korea, etc. or region. Our work has been widely recognized by our peers and customers, and the United Nations also cited Bitrace's investigation results in two reports on the criminal ecology of Southeast Asia released that year;

Support for victims of fraud. Bitrace has provided fund tracking and reporting guidance services to victims in more than 238 independent cases this year, with the amount directly involved exceeding US$150 million. In addition, Bitrace has also actively participated in the investigation of public security incidents, including those of DMM, DEXX, BingX and other institutions. In the event of an attack, we will promptly participate in tracking and intercepting funds. Based on this work, we wrote a large number of incident reports and anti-fraud popular science articles, and released the "Web3 Anti-Fraud Manual" in the third quarter, which was widely praised.

In 2023, we launched the DeTrust on-chain risk fund monitoring and management platform, BitracePro cryptocurrency multi-party collaboration analysis platform, address fund risk audit, and business address monitoring Regulatory technology tools and services, etc., this year have expanded the data scope, tools and service capabilities on this basis——

For data range. Bitrace not only adds canvas analysis and address fund risk audit support for dozens of other mainstream Layer1 and Layer2 public chains based on the original Bitcoin, Ethereum, Tron Chain, and Binance Ecological Chains. In addition, some categories of financial risk labels have been enhanced, including sanctions, CSAM, terrorist financing, etc. In addition, we also conducted research on the VAOTC business format and mainstream stablecoin market in Hong Kong, and produced a special data monitoring panel to help customers better understand the risk trends of the local industry;

For tools and service capabilities. Based on its data and intelligence capabilities, Bitrace provides customized products and services to Hong Kong law enforcement and regulatory authorities to help them better perceive, identify, and block local risk events. It also provides personalized services to several large Web3 entities. data packages and product components to help improve the existing platform risk control system.

It is worth mentioning that the current updated version of Detrust and BitracePro tools are under internal testing , we will provide more functions and services in the future, so stay tuned.

In the past year, Bitrace, like all those who love this industry, has witnessed with joy the tremendous leap forward in the Web3 industry. In the coming year, we will forge ahead, live up to expectations, and bring more trust and compliance to the industry.