Hong Kong Secretary for Financial Services and the Treasury Hui Ching-yu said that the authorities plan to amend the Virtual Asset OTC Operation Act and formulate relevant regulatory arrangements. Regarding virtual asset advertising and Internet celebrity promotion, Xu Zhengyu said that there are currently means to deal with and supervise the behavior of celebrities or Internet celebrities promoting virtual asset platforms.
Xu Zhengyu said that the "Anti-Money Laundering Ordinance" gives the China Securities Regulatory Commission new powers to enforce laws on the advertising and promotion of virtual assets. Once fraud and misrepresentation are discovered, the China Securities Regulatory Commission has the right to issue suspension and stop orders to the parties. If the relevant illegal activities do not stop, it can apply to the court for an injunction. (Economic Journal)