The Hong Kong court issued a 'tokenization injunction' through the Block chain, the Treasury Department: helps improve legal protection for virtual asset participants

According to the Hong Kong Wen Wei Po reported yesterday (18th), the Hong Kong High Court approved for the first time last month to issue a 'tokenization ban order' to two virtual asset WalletAddresses suspected of fraud through Block technology. After sending the ban order, anyone planning to transact with the involved virtual asset Wallet will see the ban order. The concept sounds like the Hong Kong court is turning the ban into a Non-fungible Token and sending it to these WalletAddresses. Stephen Kai-yi Ho: Providing solutions for legal matters related to virtual assets Regarding this 'tokenization ban order,' Hong Kong Financial Secretary Stephen Kai-yi Ho stated that Hong Kong is vigorously building a financial technology innovation ecosystem. The issuance of the ban order through Block technology this time provides a practical solution for handling legal matters in the virtual asset field, and also sets an important precedent for handling similar cases in the future in Hong Kong. At the same time, Stephen Kai-yi Ho also emphasized that using innovative technology to handle legal matters helps enhance legal protection for participants in the virtual asset market in Hong Kong. Currently, Hong Kong's regulatory efforts in the cryptocurrency field include introducing a licensing system for virtual asset service providers through the amendment of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615) to ensure that virtual asset trading platforms comply with international standards on combating money laundering and terrorist financing and safeguarding investors. The Treasury Department submitted the 'Stable Coin Bill' to the Legislative Council at the end of last year, granting the Commissioner of Financial Management the necessary regulatory, investigative, and enforcement powers to handle activities related to Stable Coins, preparing early for the possibility of Stable Coins becoming widely accepted payment mediums. Finally, Stephen Kai-yi Ho also emphasized that the Treasury Department will continue to adhere to the principle of 'same business, same risks, same rules' to build a more sound legal and regulatory system in Hong Kong and position Hong Kong as a global leader in developing virtual assets, continuously developing an international virtual asset industry to better seize the infinite opportunities brought by the Web3 era. Hong Kong Securities and Futures Commission: Will announce the roadmap for virtual asset development within this month It is worth mentioning that according to a report on the Hong Kong Radio website on January 17th, Stephen Kai-yi Ho, Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, stated that the roadmap for the development of virtual assets is expected to be announced within this month. The roadmap will not only explain development principles but also mention the scope of market research that the Securities and Futures Commission expects in the short term, as well as areas where platform participants hope to optimize. Stephen Kai-yi Ho emphasized that the focus of the upcoming virtual asset roadmap is not on the content itself but on the Securities and Futures Commission's courage to show principles to the market and stances for the market to consider. He also expressed that he does not believe there is a contradiction between market development and regulation, believing that as regulators, they need to understand the market to regulate better. Related reports: The People's Bank of China releases 'Financial Stability Report': Extensive mention of global cryptocurrency regulatory progress, praising Hong Kong's dual licensing system Reader's letter: Hong Kong users can register multiple 'unlicensed exchanges'! Authorities regulate storage vulnerabilities Hong Kong Monetary Authority launches 'Stable Coin Sandbox', what are the regulatory conditions for issuing digital Hong Kong dollars? This article was first published on BlockTempo, the most influential blockchain news media in the dynamic blockchain trend.