Hong Kong authorities to develop digital tools for tracking virtual asset money laundering

Hong Kong authorities are launching the development of digital tracking tools to counter money laundering crimes involving virtual assets (cryptocurrencies).

According to Cointelegraph, a media outlet specializing in virtual assets (cryptocurrencies), the Hong Kong Customs and Excise Department announced that it is working with The University of Hong Kong to develop analytical tools to track money laundering crimes involving virtual assets. The authorities plan to expand cooperation with academia, the financial sector, and international law enforcement agencies to counter sophisticated cross-border financial crimes.

Mario Wong Ho-yin, Deputy Commissioner of Hong Kong Customs, emphasized, "Money laundering using cryptocurrencies has a transnational nature, making it difficult for a single agency to respond alone," and added, "Collaboration among related agencies is essential."

For security reasons, the authorities did not disclose specific information about how the tools will operate.

The outlet added, "Hong Kong authorities uncovered a total of 39 major money laundering cases from 2021 to May 2025, of which 7 were related to cryptocurrencies."