--- title: "Hong Kong, the World’s Most Crypto-Ready Nation is facing a Rise in Scams" description: "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" author: "Siddhi Shaw" published: 2022-08-09 canonical: https://www.mindstick.com/news/1850/hong-kong-the-world-s-most-crypto-ready-nation-is-facing-a-rise-in-scams category: "cryptocurrency" tags: ["cryptocurrency", "crypto", "hong kong"] reading_time: 2 minutes --- # Hong Kong, the World’s Most Crypto-Ready Nation is facing a Rise in Scams **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](https://www.mindstick.com/news/1097/scammers-used-a-discord-hack-to-steal-150k-in-cryptocurrency-from-the-nft-project) 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](https://www.mindstick.com/blog/299951/how-to-better-protect-digital-assets) sector has been garnering within the nation. As per **Triple-A statistics,** Hong Kong had contained more than **245,000** [cryptocurrency](https://www.mindstick.com/articles/327746/effective-ways-to-earn-in-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](https://www.mindstick.com/news/1706/tiktok-is-working-to-safeguard-the-us-data-and-national-security) against monetary hazards. This year in **July**, a brand new legislation [came into existence](https://answers.mindstick.com/qa/37903/chhattisgarh-came-into-existence-on-which-year) in Hong Kong that had mandated a licensing regime for crypto [service providers](https://www.mindstick.com/articles/13099/the-importance-of-machine-learning-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](https://www.mindstick.com/news/1717/loss-of-8-78-million-worth-of-cryptocurrency-in-hack-attack-crema-finance) along with the variety of [blockchain](https://www.mindstick.com/news/1523/maharashtra-gives-caste-certificate-on-polygon-blockchain-under-digital-india-initiation) 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](https://www.mindstick.com/news/1436/cryptocurrency-investment-fraud-7-more-arrested-in-nagpur) 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](https://www.mindstick.com/news/1246/crypto-scam-websites-registered-9-6-million-visit-from-india-in-2021-report) --- Original Source: https://www.mindstick.com/news/1850/hong-kong-the-world-s-most-crypto-ready-nation-is-facing-a-rise-in-scams Copyright © MindStick Software Pvt. Ltd. This Markdown version is provided for developers, AI systems, and offline reading.