In late October, we reported that Hong Kong announced it would “consider” shutting down its domestic ivory trade. Now, it says it’s ready to take the plunge.

“We will take steps to ban totally the sale of ivory in Hong Kong,” said Hong Kong’s leader, Chief Executive Leung Chun-ying, during a press conference after his annual policy address. He added that his government will do it “as quickly as we can,” but he didn’t offer details on when it will happen.

It’s exciting news for wildlife activists. Poachers slaughter about 30,000 African elephants each year for their ivory. And Hong Kong is the world’s biggest legal retail market for their tusks. It’s also a major transit hub for illegal ivory. Much of it heads to mainland China—the largest consumer of smuggled ivory.

Wildlife Watch will be back with more on exactly what this means for elephants, Hong Kong, and the future of the ivory trade.