Hong Kong Security Bureau collaborates with virtual asset platforms to establish a "stop payment mechanism" to combat fraud

Hong Kong Security Secretary Chris Tang stated that fraud cases involving virtual assets are on the rise. The Security Bureau has established a Virtual Asset Intelligence Task Force and is collaborating with virtual asset platforms to establish a "stop payment mechanism" for these scams. He added that some scams previously involved bank transfers, but now involve virtual asset platforms withdrawing funds. Virtual asset service providers must have mechanisms in place. If a fraud case is discovered and funds are still in the virtual asset platform, they should, like the banking system, halt the disbursement of these funds and initiate a stop payment. (Hong Kong TVB News)