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

The Hong Kong Police Force (HKPF) and the Securities and Futures Commission (SFC) person acceptable up a crypto-focused moving radical to woody with illicit crypto speech activities.

In an Oct. 4 statement, the SFC said the radical was formed aft a gathering with the HKPF connected Sept. 28 amid continuing arrests and developments successful transportation to the Dubai-based JPEX exchange.

Days earlier the meeting, 11 radical were detained for questioning implicit their imaginable relation successful the JPEX scandal, successful which the SFC has alleged the steadfast has been promoting its services successful the portion without a license.

The moving radical aims to heighten monitoring and probe of amerciable activities carried retired by virtual plus trading platforms (VATPs) and stock accusation connected suspicious activities, measure risks of suspicious exchanges and collaborate connected investigations.

Hong Kong’s regulators antecedently flagged they were looking to tighten crypto marketplace regulations successful the aftermath of the JPEX saga.

The radical comprises officials from the SFC’s enforcement part and HKPF officials from its commercial, cybersecurity and fiscal quality and investigations bureaus.

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In a statement, SFC enforcement manager Christopher Wilson said the regulator looked guardant to deploying its resources to combat “problematic VATPs and support the involvement of investors.”

Eve Chung, HKPF’s Assistant Commissioner of Police (Crime), said the moving radical is instrumental successful exchanging quality and jointly responding to “challenges arising from VATPs, to amended support the wide nationalist of Hong Kong.”

The SFC has since published a database of each licensed, deemed licensed, closing down and application-pending exchanges, along with a list of “suspicious VATPs.”

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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