The Secretary for Financial Services and the Treasury, Mr. Hui Ching-yu, said that virtual currencies are not legal tender and are not a recognized form of payment in Hong Kong. Virtual asset activities outside of virtual asset exchanges are not common in Hong Kong at this Time. OTC activities often involve financial institutions (to convert to legal tender), so the flow of funds through the financial institutions to combat money laundering and terrorist financing measures can be grasped. The authorities will closely monitor the development of the relevant trading activities and consider the appropriate regulation in due course.
He said that the police also closely monitor the crime trend involving virtual assets, and take relevant law enforcement action and strengthen crime prevention and Education. The police cyber security and technology crime investigation division and the “anti-fraud coordination center” has set up a mechanism, after receiving complaints of suspected fraud, systematically track the relevant funds and request stop payment, intercept the fraudulent funds to reduce the loss of victims.
He pointed out that the public should pay extra attention to the risks when purchasing or making related investments. If they know or suspect that any property they come into contact with is the proceeds of crime or suspect fraud, they should contact the police immediately. The financial regulators and law enforcement agencies will continue to inform the public and raise public awareness.
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