A Hong Kong man was scammed while exchanging 1 million HKD in cash for USDT, and a lawmaker calls for stronger regulation of Virtual Money.

According to the Gate.io News bot, a man in Hong Kong carried 1 million HKD in cash to an unlicensed virtual money exchange shop on Hongtu Road in Kwun Tong to exchange for USDT. After receiving the cash, the shop claimed to have completed the remittance and left the scene, but no transfer operation was actually conducted.

Legislative Council member Wu Jiezhuang stated that there are currently over 200 unlicensed exchange shops operating in Hong Kong. He urged the government to promptly initiate relevant consultations and legislative procedures to strengthen the regulation of Virtual Money transactions.

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