Hong Kong court issues "tokenization injunction" through blockchain, Treasury Bureau: It will help improve the legal protection of virtual asset participants

Here is the English translation, with the specified terms retained: According to a report in the Hong Kong Wen Wei Po newspaper yesterday (18th), the Hong Kong High Court approved the issuance of a "tokenized injunction" to two suspected fraud-related Non-Fungible Token (NFT) wallets for the first time last month. After the issuance of this injunction, any planned transactions with the involved NFT wallets will display the injunction stored on the blockchain. The concept seems to be that the Hong Kong court has tokenized the injunction and sent it to these wallet addresses. "Tokenized Injunction": A Solution for Handling Virtual Asset-Related Legal Matters Regarding this "tokenized injunction", the Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, stated that Hong Kong is actively building a fintech innovation ecosystem. The issuance of the injunction through blockchain technology provides a practical solution for handling legal matters in the virtual asset sector, and also sets an important precedent for Hong Kong in dealing with similar cases in the future. Hui also emphasized that the effective use of innovative technology to handle legal matters can help improve the legal protection for participants in the virtual asset market. Hong Kong's current regulatory efforts in the cryptocurrency field include: - Introducing a licensing regime for virtual asset service providers through amendments to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), ensuring virtual asset trading platforms comply with relevant anti-money laundering and counter-terrorist financing international standards, as well as protecting investors. - The Financial Services and the Treasury Bureau submitted the Stablecoin Bill to the Legislative Council last year, empowering the Monetary Authority with necessary regulatory, investigative and enforcement powers to address activities related to stablecoins, preparing for the potential development of fiat-backed stablecoins as a widely accepted payment medium. Finally, Hui reiterated that the Financial Services and the Treasury Bureau will continue to uphold the principle of "same business, same risk, same rules" to build a more robust legal and regulatory framework for Hong Kong, aiming to position Hong Kong as a global leader in virtual asset development and continuously grow the international virtual asset industry, in order to better capture the boundless opportunities brought by the Web3 era. Hong Kong SFC: Virtual Asset Development Roadmap to be Announced This Month It is worth mentioning that according to a report on the RTHK website on January 17, the Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission (SFC), Julia Leung, stated that the SFC is expected to announce a virtual asset development roadmap within this month. The roadmap will not only outline the development principles, but also mention the areas the SFC hopes to research with the market in the near term, as well as the aspects that platform participants hope to optimize. Leung emphasized that the focus of the upcoming virtual asset roadmap is not on the content itself, but on the SFC's courage to demonstrate its principles to the market and the attitude it provides for market consideration. She also stated that she does not believe there is a contradiction between market development and regulation, and as a regulator, she needs to understand the market in order to achieve better regulation.