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

Odaily News Last month, the Hong Kong High Court approved for the first time the use of blockchain technology to issue a "tokenization injunction" to two virtual asset wallet addresses suspected of fraud. After the "tokenization injunction" is served, anyone who intends to trade with the virtual asset wallet involved will see the injunction stored on the blockchain.
The Secretary for Finance and the Treasury, Paul Chan, wrote on social media yesterday that Hong Kong is vigorously building a financial technology innovation ecosystem. The issuance of an injunction through blockchain technology provides a practical 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 can make good use of innovative technology to handle legal matters, which will help improve Hong Kong's legal protection for participants in the virtual asset market. The government has already introduced 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 meet international standards on combating money laundering and terrorist financing, and protect investors.
In addition, the Treasury Bureau submitted the Stablecoin Bill to the Legislative Council at the end of last year, giving the Monetary Authority the necessary regulatory, investigative and law enforcement powers to deal with activities related to stablecoins, in preparation for the possible development of legal currency stablecoins into a generally accepted payment medium. (Wen Wei Po)