Hong Kong’s Securities and Futures Fee (SFC) is collaborating with the police to kind a specialised process drive aimed toward combating unlawful actions on cryptocurrency buying and selling platforms.
Within the wake of the JPEX scandal, Hong Kong’s regulatory our bodies are making vital strikes to fight unlawful actions within the cryptocurrency sector. The SFC and Hong Kong Police Drive (HKPF) have joined forces to completely monitor and examine illicit practices associated to Digital Asset Buying and selling Platforms (VATPs).
The duty drive will mix specialists from varied divisions of Hong Kong police and the SFC. The group consists of members from the Business Crime Bureau, the Cyber Safety and Expertise Crime Bureau, and the Monetary Intelligence and Investigations Bureau of the police drive.
This collaborative enterprise was formally greenlit on September 28, following an upper-echelon assembly between representatives from each the SFC and the HKPF.
The duty drive’s objectives, outlined
In accordance with the SFC’s official announcement, the specialised process drive will goal to perform three key targets:
- Seamlessly share data relating to suspicious actions and violations associated to VATPs.
- Develop a framework to judge the chance profiles of VATPs.
- Foster better coordination in ongoing and future investigations on crypto buying and selling platforms.
The current fraud of the JPEX crypto trade was an eye-opener for Hong Kong authorities.
The trade allegedly laundered 190 million TRC20-USDT tokens from its platform within the final 20 months, and the Hong Kong police have arrested 11 individuals linked to the crime thus far.