Golden Finance reports that in order to effectively deal with the increasingly rampant digital asset money laundering cases, the Hong Kong Customs and the University of Hong Kong have reached a cooperation agreement. The two sides will jointly develop a cryptocurrency transaction tracking tool. Assistant Commissioner of Customs Wong Ho-hin made it clear that this move is aimed at effectively combating cross-border financial crimes and maintaining the stability and security of Hong Kong’s financial market.
While the global cryptocurrency market is booming, its anonymity, transaction convenience and other features have also been exploited by lawbreakers, becoming a breeding ground for illegal activities such as money laundering. Hong Kong, as an important international financial center, has not been spared either. Relevant data shows that from 2021 to May 2025, a total of 39 major money laundering cases were recorded in Hong Kong, among which 7 were closely related to cryptocurrencies. Particularly notable is a suspicious transaction case involving an amount as high as 1.8 billion Hong Kong dollars (approximately 229 million US dollars), highlighting the severity and complexity of the problem of cryptocurrency money laundering.
The collaboration between the Hong Kong Customs and the University of Hong Kong this time is expected to leverage the academic advantages of the University of Hong Kong in fields such as computer science, data analysis, and blockchain technology to develop an accurate and efficient cryptocurrency tracking tool. From a technical perspective, this tool may employ advanced blockchain data analysis algorithms to conduct real-time monitoring and in-depth mining of massive amounts of cryptocurrency transaction data. By analyzing key information such as transaction addresses, transaction amounts, transaction frequencies, and capital flows, suspicious transaction behaviors can be accurately identified and early warnings can be issued in a timely manner. Similar to the on-chain Sky Eye launched by OKLink, through means such as illegal transaction monitoring, money laundering scene tracking, and digital asset traceability, illegal financing activities have nowhere to hide.
The Hong Kong Customs has always played an important role in the field of anti-money laundering. Previously, the Wealth Investigation Division of the Hong Kong Customs conducted in-depth investigations into suspected criminal proceeds behind different crimes, tracking the flow of criminal proceeds. From January to July 2023, the Hong Kong Customs cracked six suspected money laundering cases, involving underground banks, precious metal and virtual currency transactions, etc. As the money laundering methods of criminal groups continue to innovate, the regulatory functions of the Hong Kong Customs have also been continuously expanding. This collaboration with the University of Hong Kong to develop a tracking tool is another significant move by it to combat cryptocurrency money laundering crimes, which will help further improve Hong Kong’s anti-money laundering regulatory system.
The development of this tracking tool is of great significance for the financial market in Hong Kong. On the one hand, it will enhance the effectiveness of financial supervision in Hong Kong, increase the crackdown on financial crimes related to cryptocurrencies, protect the legitimate rights and interests of investors, and maintain the normal order of the financial market. On the other hand, it also showcases Hong Kong’s proactive attitude and innovative capabilities in fintech regulation to the world, which is conducive to consolidating Hong Kong’s position as an international financial center. As the project progresses, its subsequent progress and the practical application effect of the tools will continue to attract high attention from all market participants.
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