Bitrace Invited by Shenzhen FinTech Association to Deliver Training on Cryptocurrency Regulatory Trends and Enforcement Practices

On December 15, 2024, Bitrace CEO Isabel Shi was invited by the Shenzhen FinTech Association to deliver a course on “Global Regulatory Trends and Enforcement Practices in Cryptocurrency” for the fourth session of the SHMFTPP Level 2 program. This training focused on the latest regulatory developments, compliance challenges, and global enforcement practices in the cryptocurrency sector, aiming to enhance the professional competence of industry practitioners.

The SHMFTPP (Shenzhen-Hong Kong-Macao FinTech Professional Programme) is a financial technology talent development initiative jointly launched by the Shenzhen Municipal Financial Office, the Hong Kong Financial Services and the Treasury Bureau, the Hong Kong Monetary Authority, and the Macau Monetary Authority. It integrates training, exams, and certification. Key guiding institutions include the Shenzhen Branch of the People’s Bank of China, the Shenzhen Regulatory Bureau of the National Financial Supervisory Administration, and the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission. The certification system for the program is divided into Level 1 and Level 2. The Level 2 program officially started in 2021 and has successfully held three sessions, attracting over 400 participants.

The course covered foundational knowledge of cryptocurrencies and blockchain, with a focus on the data structure and characteristics of mainstream blockchains such as Bitcoin, providing a solid technical foundation for participants. As the cryptocurrency market evolves rapidly, global regulatory landscapes are changing as well. The course detailed cryptocurrency regulations in regions including the United States, European Union, Hong Kong, Japan, South Korea, and Singapore, exploring how countries balance innovation with compliance challenges.

A particularly noteworthy aspect of the course was the in-depth discussion of the role international organizations play in cryptocurrency regulation. This included how bodies such as the Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), and the Financial Action Task Force (FATF) develop and issue regulatory guidelines, which further assist the industry in navigating a global regulatory environment.

Cryptocurrency and Crime: Case Analysis

Another highlight of the course was an in-depth analysis of cryptocurrency’s role in crime. Using real-life cases, the course explored key criminal methods involving cryptocurrencies, including telecom fraud, financial fraud in economic cases (such as Ponzi schemes), illegal pyramid schemes, cybersecurity crimes, and money laundering. Isabel particularly emphasized that due to the anonymity and cross-border nature of cryptocurrencies, criminals can easily bypass traditional financial systems to carry out illegal transactions, posing significant challenges for global law enforcement agencies.

For instance, in telecom fraud cases, criminals lure victims to transfer funds into cryptocurrency accounts through fraudulent investment platforms. In financial fraud and Ponzi schemes, some offenders deceive investors through fake cryptocurrency investment projects, leading to significant losses. In illegal pyramid schemes and cybersecurity cases, cryptocurrencies are often used as tools for illicit fund flows. These cases highlight the potential risks of cryptocurrencies in financial crimes, prompting regulatory bodies and law enforcement to strengthen technical tools and cross-border cooperation to combat these criminal activities.

The training session was well-received by attendees, with lively discussions and interactions. Participants stated that the course was not only informative and practical but also closely aligned with industry trends, significantly enhancing their understanding of global cryptocurrency regulation and enforcement practices.

Bitrace remains committed to promoting the standardized development of the Web3 industry. The company not only helps businesses and regulators address complex compliance challenges through technological innovation but also actively participates in industry education and knowledge dissemination, contributing to the creation of a safer and more transparent cryptocurrency ecosystem. Moving forward, Bitrace will continue to advocate for the normalization and standardization of Web3 business compliance, providing a stronger foundation and support for the healthy development of the industry.

Contact us:

Website: www.bitrace.io

Email: bd@bitrace.io

Twitter: @Bitrace_team

LinkedIn：@bitrace tech