Hong Kong Security Bureau Addresses Rise in Virtual Asset Fraud

According to PANews, Hong Kong's Secretary for Security, Chris Tang, has reported an increase in fraud cases involving the use of virtual assets. In response, the Security Bureau has established a Virtual Asset Intelligence Working Group to collaborate with virtual asset platforms to implement a 'payment suspension mechanism' for such fraud cases. Tang noted that while some frauds previously involved bank transfers, they now utilize virtual asset platforms to obtain illicit funds. He emphasized that virtual asset service providers must have mechanisms in place to halt payments. If a fraud case is detected and the funds are still within the virtual asset platform, these funds should be withheld, similar to the banking system, to prevent further disbursement.