The Hong Kong Security Bureau has established a virtual asset intelligence task force to set up a payment halt mechanism for cryptocurrency fraud cases

ChainCatcher news, Hong Kong Secretary for Security Tang Ping-keung stated after the release of the "Policy Address" that, in light of the increasing number of cases involving the use of virtual assets to receive fraudulent payments, the Security Bureau has established a virtual asset intelligence working group, which will collaborate with virtual asset platforms to set up a "stop payment mechanism" for fraud cases. Tang Ping-keung pointed out that in the past, fraud cases were mostly conducted through bank remittances, but now an increasing number are obtaining fraudulent payments through virtual asset platforms.

Under the new mechanism, once a fraud case is detected and the funds are still within the virtual asset platform, a stop payment will be implemented similar to the banking system to prevent the outflow of funds. In addition, the government is studying amendments to relevant criminal laws, with plans to submit proposals to the Legislative Council in the first quarter of next year. The "Policy Address" also mentioned the expansion of drone patrols, with "drone policing" automatic patrol missions to be implemented in Cheung Chau and Central by the end of the year.