[ad_1]
A one-year grace interval for cryptocurrency exchanges working in Hong Kong will stay in place regardless of current scandals.
In accordance with native information reviews on Nov. 27, Julia Leung, Hong Kong’s Underneath Secretary for Monetary Providers and the Treasury, said, “Even when the grace interval ends tomorrow, fraud will nonetheless happen, so there isn’t a intention to switch the grace interval and different measures in the interim.”
As per new laws launched in June, crypto exchanges working in Hong Kong should apply for a Digital Asset Service Supplier (VASP) license with town’s Securities & Futures Fee by June 2024 or face deregistration. Nonetheless, unregistered exchanges can function within the metropolis through the interim transition interval.
A number of crypto scandals have rocked the particular administrative area lately. In September, Hong Kong crypto change JPEX, which was unlicensed on the time, collapsed after allegations of a Ponzi scheme that led to 66 arrests and an estimated 1.6 billion Hong Kong {dollars} ($205 million) in losses.
On Nov. 25, Hounax, one other unlicensed crypto change working in Hong Kong, reportedly scammed 131 residents out of 120 million Hong Kong {dollars} ($15.four million) by one more alleged Ponzi scheme. Chan Waikei, superintendent of the Hong Kong Police’s industrial crime bureau, defined that scammers impersonated funding specialists and solicited customers with the promise of excessive returns. When customers later tried to withdraw the funds, they might not achieve this.
On Nov. 27, Cointelegraph reported that the Binance-linked HKVAEX change remains to be attempting to use for a license in Hong Kong. Earlier this month, BC Know-how Group, proprietor of Hong Kong crypto change OSL, secured a $90M funding from blockchain agency BGX.
Associated: Binance-linked HKVAEX nonetheless making ready to use for license in Hong Kong
[ad_2]
Source link