Hong Kong Security Bureau Partners with Virtual Asset Platforms to Establish "Freeze Payment Mechanism" to Combat Fraud

BlockBeats News, September 23rd, according to Hong Kong Wireless News, Hong Kong Secretary for Security John Lee Ka-chiu stated that there has been an increase in scams using virtual assets for fraud. The Security Bureau has established a Virtual Asset Intelligence Task Force and is collaborating with virtual asset platforms to set up a "payment halt mechanism" for fraud cases.

John Lee Ka-chiu further added that some fraud cases used to involve bank transfers in the past, but now fraudsters are obtaining funds through virtual asset platforms. Virtual asset service providers must have a mechanism in place. If a fraud case is discovered and the money is still within the virtual asset platform, similar to the banking system, these funds should not be released anymore; a payment halt should be initiated first.