1 year ago
The Hong Kong securities regulator has said it present publishes a database of firms seeking to run crypto trading platforms successful the region. Julia Leung Fung-yee, the CEO of the Securities and Futures Commission (SFC), said divulging the names of applicants is intended to assistance placate an investing nationalist precocious ruffled by the Jpex incident.
Pacifying Hong Kong Crypto Users
Hong Kong’s securities regulator has said it volition present uncover the names of companies seeking to tally crypto platforms that people retailers from the region. Julia Leung Fung-yee, the CEO of the Securities and Futures Commission (SFC), reportedly said the determination was made to pacify the public.
According to a report successful the South China Morning Post, the regulator’s determination is viewed arsenic a departure from the regulator’s longstanding stance of not divulging the applicants’ names. The announcement of the changes came conscionable a fewer days aft the crypto speech Jpex was forced to halt operations.
At the time, a Bitcoin.com News report said the trading halt was past followed by the arrests of aggregate radical and greater scrutiny of the region’s crypto sector. In a consequent statement, the SFC said the JPEX incidental had highlighted the value of regulating crypto trading platforms.
Importance of Disseminating Information to Users
The Hong Kong regulator besides said the dissemination of accusation to crypto users via its alert list, warnings, and acquisition efforts tin assistance investors amended recognize the risks associated with crypto assets. The regulator added:
The SFC volition research with the Police to acceptable up a dedicated transmission to stock accusation connected suspicious activities of and breaches by VATPs [virtual plus trading platforms] and to analyse the JPEX incidental to bring the wrong-doers to justice.
Meanwhile, erstwhile discussing the SFC’s determination to uncover the names of the applicants, Fung-yee nevertheless insisted being connected the database does not mean they are compliant. As shown connected the SFC website, lone 2 companies, OSL Digital Securities and Hash Blockchain are licensed to run arsenic crypto platforms. The SFC said 4 different entities person applied for the aforesaid license. The 4 are HKVAX, Hkbitex, Hong Kong BGE Limited, and Victory Fintech Company Limited.
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