Hong Kong High Court issues first tokenization injunction, setting a precedent for local handling of virtual assets

Odaily Planet Daily News: Last month, the Hong Kong High Court approved for the first time the issuance of "tokenization injunctions" through blockchain technology to two virtual asset wallet addresses suspected of fraud. After serving the "tokenization injunctions", anyone who intends to trade with the virtual asset wallets involved will see the injunctions stored on the blockchain. The Director of the Finance and Treasury Bureau, Xu Zhengyu, wrote on social media yesterday that Hong Kong is vigorously building a financial technology innovation ecosystem. The issuance of a ban through blockchain technology provides a practical and feasible solution for handling legal matters in the field of virtual assets, and also sets an important precedent for Hong Kong to handle similar cases in the future. Xu Zhengyu pointed out that as an international financial center, Hong Kong's use of innovative technology to handle legal matters can help improve the legal protection for participants in the virtual asset market. The government has already introduced a licensing system for virtual asset service providers through the revision of the Anti Money Laundering and Counter Terrorist Financing Ordinance (Chapter 615) to ensure that virtual asset trading platforms comply with international standards for combating money laundering and terrorist financing, as well as to protect investors. In addition, the Treasury Bureau submitted the "Stablecoins Bill" to the Legislative Council at the end of last year, granting the Monetary Authority the necessary regulatory, investigative, and enforcement powers to handle activities related to stablecoins, in preparation for the potential development of fiat stablecoins into widely accepted payment media. (Wen Hui Bao)