The Securities and Futures Fee (SFC) of Hong Kong and the Hong Kong Police Power introduced Wednesday the institution of a working group to monitoring and investigating unlawful actions associated to Digital Asset Buying and selling Platforms (VATPs).
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- The division was established to share data on suspicious actions round VATPs, implement a danger evaluation mechanism for suspicious platforms and improve coordination and collaboration in associated investigations, the SFC stated in a press launch on Wednesday.
- The working group was established after the 2 events met on Sept. 28 and consists of representatives from HKPF’s Business Crime Bureau, Cyber Safety and Know-how Crime Bureau, Monetary Intelligence and Investigations Bureau and representatives from SFC’s Enforcement and Intermediaries divisions.
- Former SFC regulator, Angelina Kwan, instructed Forkast in an earlier interview that Hong Kong could tighten regulatory enforcement following the scandal with unlicensed digital asset platform JPEX, which allegedly precipitated round HK$1.2 billion (US$154 million) in losses to over 1,600 traders, the most important fraud case in Hong Kong’s historical past.
See associated article: JPEX crypto trade shuts buying and selling amid Hong Kong regulator probe