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The Cyber Security and Technology Crime Bureau (CSTCB) hosted the Web3 Intelligence & Enforcement Summit cum Virtual Asset Intelligence Taskforce (VAIT) Inauguration Ceremony on October 10, bringing together over 250 representatives from public and private sectors to explore strategies to address challenges in digital assets.
Led by the Force, VAIT is a public-private collaboration platform comprising the Hong Kong Customs and Excise Department (C&ED), the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), and Hong Kong-licensed virtual asset service providers (VASPs). The Force members include the CSTCB, the Commercial Crime Bureau, and the Financial Intelligence and Investigation Bureau. VAIT held a preparatory meeting on
September 22 and will push forward three major initiatives:
(1) Intelligence sharing mechanism - establish a cross-agency intelligence exchange framework and encourage the reporting of suspicious transactions;
(2) Special alerts - issue alerts on the latest crime typologies and cybersecurity risks to enhance crime prevention awareness; and
(3) Optimise the stop-payment mechanism - establish a 24/7 communication mechanism with licensed VASPs to enable rapid response to major cases.
Commissioner Chow Yat-ming delivered the opening remarks, outlining emerging trends in virtual asset-related crimes and affirming CSTCB's technical proficiency, policing expertise, and commitment to collaboration. He emphasised that the Force must proactively address the challenges posed by Web3 technologies and work closely with regulators and industry partners to promote innovation and security in digital asset development. The Under Secretary for Security Mr Michael Cheuk and the Under Secretary for Financial Services and the Treasury Mr Joseph Chan also shared Hong Kong’s policy vision and roadmap for digital asset security and regulation.
The summit featured an Executive Dialogue session and two thematic panel discussions. The Chairperson of VAIT and Chief Superintendent of CSTCB
Lam Cheuk-ho; Deputy Commissioner (Control and Enforcement) of C&ED Mr Woo Wai-kwan; Executive Director (Intermediaries) of the SFC Dr Eric Ip; and Executive Director (Enforcement and AML) of the HKMA Mr Raymond Chan shared insights on Hong Kong’s digital asset landscape from law enforcement, regulatory, and financial stability perspectives. The thematic panel discussions explored anti-money laundering frameworks for VASPs, as well as cybersecurity challenges and strategic responses in the Web3 era. The event also included an exchange session to encourage collaboration between the industry and regulatory authorities in building a secure and trusted digital asset ecosystem.
