The new process force was established by Hong Kong law enforcement companies to keep track of and get action towards suspicious cryptocurrency trading pursuits.
“Thanks” to the JPEX scandal, Hong Kong has established a crypto surveillance force
Just beneath a month following the closure of cryptocurrency exchange JPEX, the Hong Kong Securities and Derivatives Commission (SFC) these days (October five, 2023) officially declare established a process force to keep track of virtual asset trading platforms (VATPs).
Hong Kong’s securities regulator and police force have set up a process force to help in spotting suspicious action in cryptocurrency exchanges, a phase that follows the JPEX outbreak https://t.co/yLVZovwgbq
— Bloomberg (@enterprise) October 5, 2023
The announcement was produced following a higher-degree meeting of Hong Kong law enforcement companies held on 28 September 2023, with the participation of Commercial Crime Bureau Department of Cyber Security and Technology Crime the Police Financial Information and Investigation Department Finally, there is the SFC’s Enforcement and Intermediaries Division.
The Crypto Task Force will coordinate with the Hong Kong Police Force (HKPF), tasked with monitoring suspicious cryptocurrency transactions, then present chance evaluation measures, and last but not least report the report to management companies for investigation functions.
Ms Eve Chung, Deputy Police Commissioner, stated:
“The new task force will be an essential ‘tool’ to increase the rate of provision of vital information and will serve in investigations into VATPs, thus ensuring better safety for the public in Hong Kong.”
As Coinlive Reportedly, this action took spot following the JPEX scandal in Hong Kong led to the arrest of a relevant KOL. The SFC stated that no unit of the JPEX Group has the agency’s license, so the exchange is working illegally in Hong Kong.
This is also the up coming law enforcement move of Hong Kong’s economic regulator following the publication of the checklist of cryptocurrency exchanges requiring working licenses, aiming to conquer the consequences and stop cryptocurrency-relevant hazards in the long term.
Hong Kong is a nation with a lot of favourable moves in the discipline of digital assets. After two months from application “Open” politics with cryptocurrencyTill now there are two exchanges authorized to present cryptocurrency trading in Hong Kong for personal traders: HashKeys and OSLs. More lately, Hong Kong also “welcomed” a new cryptocurrency fund with investment capital of up to $a hundred million.
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