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Hong Kong’s monetary regulator, the Securities and Futures Fee (SFC) has vowed to step up its efforts to fight unregulated cryptocurrency buying and selling platforms in its jurisdiction
In line with a Sept. 25 announcement, the SFC mentioned it’s going to publish an inventory of all licensed, deemed licensed, closing down and application-pending digital asset buying and selling platforms (VATPs) to higher assist members of the general public establish probably unregulated VATPs doing enterprise in Hong Kong.
Moreover, the SFC mentioned it’s going to concern a devoted checklist of “suspicious VATPs” which will probably be featured in an simply accessible and outstanding a part of the regulators’ web site.
The transfer comes instantly following the latest JPEX crypto change scandal, which is estimated to have a monetary fallout of round $178 million. On the time of publication, native police have acquired greater than 2,200 complaints from affected customers of the change.
The SFC mentioned the ensuing fallout from JPEX “highlights the dangers of coping with unregulated VATPs and the necessity for correct regulation to take care of market confidence.”
Moreover, the SFC mentioned that it could be working with native police to determine a devoted channel for residents to share info on suspicious exercise and potential authorized breaches by VATPs, in addition to higher investigating the JPEX incident to assist “convey the wrong-doers to justice.”
This can be a creating story, and additional info will probably be added because it turns into obtainable.
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