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

BlockBeats News, September 23, according to Hong Kong Wireless News, Hong Kong Secretary for Security Chris Tang stated that there has been an increase in fraud cases involving the use of virtual assets to receive fraudulent funds. The Security Bureau has established a Virtual Asset Intelligence Working Group and is cooperating with virtual asset platforms to set up a "payment suspension mechanism" for fraud cases.

Chris Tang added that some fraud cases previously involved bank transfers, but now fraudulent funds are being obtained through virtual asset platforms. Virtual asset service providers must have mechanisms in place. If a fraud case is detected and the funds are still on the virtual asset platform, the funds should be suspended just like in the banking system, and should not be released until further action is taken.