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Hong Kong police, regulator form crypto task force as JPEX saga unfolds

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The Hong Kong Police Pressure (HKPF) and the Securities and Futures Fee (SFC) have arrange a crypto-focused working group to take care of illicit crypto change actions.

In an Oct. four assertion, the SFC stated the group was shaped after a gathering with the HKPF on Sept. 28 amid persevering with arrests and developments in connection to the Dubai-based JPEX change.

Days earlier than the assembly, 11 individuals had been detained for questioning over their attainable position within the JPEX scandal, by which the SFC has alleged the agency has been selling its companies within the area and not using a license.

The working group’s goal is to reinforce monitoring and investigation of unlawful actions carried out by Digital Asset Buying and selling Platforms (VATPs) and can share data on suspicious actions, assess dangers of suspicious exchanges, and collaborate on investigations.

Hong Kong’s regulators beforehand flagged they had been trying to tighten crypto market rules within the wake of the JPEX saga.

The group includes officers from the SFC’s enforcement division and HKPF officers from its business, cybersecurity and monetary intelligence and investigations bureaus.

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In a press release, SFC enforcement director Christopher Wilson stated the regulator appeared ahead to deploying its assets to fight “problematic VATPs and defend the curiosity of buyers.”

Eve Chung, HKPF’s Assistant Commissioner of Police (Crime), stated the working group is instrumental in exchanging intelligence and collectively responding to “challenges arising from VATPs, to higher defend most people of Hong Kong.”

The SFC has since printed an inventory of all licensed, deemed licensed, closing down, and application-pending change’s together with an inventory of “suspicious VATPs.”

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