Hong Kong Police and Securities Regulator Form Unit to Monitor Crypto Exchanges

Law enforcement officials and fiscal regulators successful Hong Kong person teamed up to amended place amerciable activities connected cryptocurrency exchanges. The initiative, which comes successful the aftermath of the crackdown connected the JPEX exchange, seeks to amended coordination betwixt the authorities agencies successful akin investigations successful the future.

Hong Kong’s Financial Watchdog Announces Working Group connected Crypto Exchanges Amid JPEX Probe

The Hong Kong Police Force (HKPF) and the Securities and Futures Commission (SFC) of China’s peculiar administrative portion person established a dedicated moving radical to amended collaboration betwixt the authorities successful efforts to show and analyse illicit and amerciable activities linked to Virtual Asset Trading Platforms (VATPs), oregon cryptocurrency exchanges.

The portion has been acceptable up aft a high-level gathering of the 2 agencies connected Sept. 28, the SFC announced Wednesday. Its members correspond the HKPF’s Commercial Crime Bureau, Cyber Security and Technology Crime Bureau, and Financial Intelligence and Investigations Bureau arsenic good arsenic the SFC’s Enforcement Division and Intermediaries Division.

The group’s main tasks volition beryllium to facilitate the sharing of accusation connected suspicious activities and breaches of VATPs, present a hazard appraisal mechanics for crypto exchanges and heighten coordination and collaboration successful related investigations, the property merchandise detailed.

“We person ever valued our moving narration with the Police and we look guardant to our adjacent person collaboration successful deploying our respective expertise and resources successful combatting problematic VATPs and support the involvement of investors,” SFC Executive Director of Enforcement, Christopher Wilson, was quoted arsenic stating.

Assistant Commissioner of Police, Eve Chung, described the associated level arsenic instrumental for speeding up quality speech successful effect to VATP-related challenges, adding that its implementation volition assistance Hong Kong authorities to amended support the wide public.

The moving radical has been formed amid an ongoing probe of cryptocurrency speech JPEX which resulted successful the suspension of immoderate of its activities and aggregate arrests. The probe besides led to accrued regulatory scrutiny implicit the full assemblage astatine a clip erstwhile Hong Kong is seeking to revive its presumption of a planetary fiscal halfway including by taking steps to go a large hub for integer assets and crypto businesses.

Do you deliberation the moving radical acceptable up by the Hong Kong authorities volition hamper the operations of cryptocurrency exchanges successful the region? Tell america successful the comments conception below.