Hong Kong Cybersecurity Watchdog Names NFTs & Metaverse as Key Threats in 2022
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16 February

The Hong Kong Computer Emergency Response Team Coordination Centre (HKCERT) has listed non-fungible tokens (NFTs) and the metaverse among key security threats for Hong Kong in 2022, the Bangkok Post has learned. While cryptocurrencies continue to grow in price, scammers are also keep improving methods to steal sensitive information or access accounts to hijack money, the regulator added.

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According to the HKCERT's estimates, last year it registered 7,725 information security incidents. Approximately 48% of these incidents were phishing scams, a 7% increase from 2020. The regulator also said NFTs and the metaverse security issues are expected to get more attention this year as the area continues its explosive growth.

The HKCERT called on investors to exercise caution in the crypto market and carefully verify senders' identities and links. In January, the Hong Kong Monetary Authority (HKMA) announced it will change the current regulatory framework for cryptocurrencies by July this year as the city tries to compete with Singapore to become a cryptocurrency hub.

​Hong Kong Arrests Two Suspects Over Laundering $48M in Crypto

According to reports, the financial watchdog is planning to change rules for three areas of the space: stablecoins, investor protection and how institutional investors can deal with cryptocurrencies. The HKMA head, Eddie Yue, says that the regulator wants to adopt a so-called "same risk, same regulation" approach to the cryptocurrency market.

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