The Hong Kong Security Bureau has launched a Virtual Asset Intelligence Task Force to address the rising number of fraud cases involving virtual assets. Security Secretary Chris Tang Ping-keung announced the initiative, highlighting the need for collaboration with virtual asset platforms to implement a 'stop payment mechanism.' This mechanism aims to prevent the disbursement of funds in fraud cases, similar to existing banking protocols. The move comes as scams increasingly exploit virtual asset platforms for fund withdrawals, prompting the need for enhanced security measures.