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In a transfer
to bolster retail buyers’ safety, Hong Kong’s Securities and Futures
Fee (SFC) has introduced a collection of recent measures this week. These
initiatives come on the heels of the JPEX crypto trade debacle, which
uncovered vulnerabilities within the metropolis’s regulatory framework for digital belongings.
The SFC’s new measures goal to boost transparency, enhance public consciousness,
and tighten rules round crypto buying and selling platforms.
JPEX Blowup Prompted
Response from Hong Kong Regulator
In June
2023, Hong Kong opened as much as retail cryptocurrency buying and selling, considerably
stress-free the nation’s present guidelines. Nonetheless, the variety of licensed
platforms that would present these companies stays small, a truth exploited by
different, unregulated entities to draw new prospects. One such trade was
JPEX, which is now dealing with critical points with the withdrawal of investor funds.
To fight
the disinformation, the SFC plans to publish a complete record of licensed Digital
Asset Buying and selling Platforms (VATPs) on its web site. This record will embrace at the moment
licensed platforms, these within the software course of, and entities which have
been ordered to close down or are deemed suspicious. The regulator believes this
clear strategy will assist buyers determine which platforms to have interaction with.
📰Hong Kong to Reveal Crypto License Candidates Publish-JPEX Investigation
In response to public demand and following the JPEX probe, Hong Kong’s Securities and Futures Fee (SFC) will disclose a listing of all crypto trade license candidates.
This transfer goals to spotlight… pic.twitter.com/nwo215N81v
— SourceFeed (@SourceFeed_) September 25, 2023
As well as
to enhancing transparency, the SFC is launching a public marketing campaign to teach
folks on defending themselves towards fraud. The fee can also be dedicated
to investigating and prosecuting unlawful platforms. To this finish, the SFC is
ramping up its intelligence-gathering efforts on companies associated to digital
belongings.
Maintain Studying
“The
SFC will, inside its statutory powers, proceed to strengthen its intelligence
gathering course of in direction of totally different companies associated to digital belongings. It
will proceed to take follow-up and enforcement actions towards suspicious
VATPs which will have violated the legislation, and refer circumstances to the Police when
needed,” the SFC commented
within the official press launch.
The
deliberate actions introduced by SFC had been summarized within the desk beneath:
Motion
Description
Publication
of VATP Lists
The SFC will publish numerous lists
to disseminate data transparently and well timed. These lists embrace: Listing
of licensed VATPs, record of closing-down VATPs, record of deemed licensed VATPs
as of 1 June 2024 and Listing of VATP candidates on account of public demand.
Enhanced Listing of Suspicious VATPs
The SFC will subject a devoted
record of suspicious VATPs that will probably be simply accessible on its web site. The
goal is to assist the general public determine probably fraudulent VATPs and disseminate
data clearly, transparently, and well timed.
Public Consciousness
Marketing campaign
The SFC and the IFEC will launch a
marketing campaign to lift public consciousness towards fraud. This will probably be completed via
numerous means resembling mass media, social media, and academic talks, aiming
to boost understanding of the dangers related to Digital Property (VAs)
and potential fraud.
Strengthening
Intelligence Gathering
The SFC will proceed to
strengthen its intelligence-gathering course of relating to companies associated to
VAs. It can take follow-up and enforcement actions towards suspicious VATPs
and refer circumstances to the Police when needed. The general public is inspired to
file complaints through the SFC’s On-line Grievance Kind.
Replace on JPEX Case
Over the
weekend, 11 people related to the JPEX case had been arrested, and
authorities are looking for Interpol help to apprehend the trade’s
leaders. Some cryptocurrencies linked to the fraud have additionally been frozen. Extra
than 1,400 complaints have been filed towards the buying and selling platform, indicating
losses exceeding HKD 1 billion, or roughly $127.9 million.
Moreover,
Finance Magnates disclosed final Monday that native authorities detained
monetary influencer Joseph Lam Chok on account of his on-line promotion of the
troubled trade. The arrest occurred just some hours following the
trade’s newest points.
Hong Kong’s Social Media Sensation, Joseph Lam, Arrested in Daring HK$34 Million JPEX Crypto Scandal! pic.twitter.com/zSUlXRZRTM
— Crypto College (@TheCryptoU) September 18, 2023
The SFC
said that it might proceed to evaluation the regulatory panorama in Hong Kong
and take well timed measures in response to new market developments.
“Adhering
to the ‘identical enterprise, identical dangers, identical guidelines’ precept, the SFC will work
with the HKSAR Authorities to usually evaluation the regulatory regime in Hong
Kong and think about well timed measures in gentle of recent market developments. These
measures could embrace regulation of VA-related companies aside from the VATPs,”
the regulator added.
The SFC has
been proactive in figuring out the potential advantages and dangers related to
digital finance and digital asset actions. Underneath the Anti-Cash Laundering
and Counter-Terrorist Financing Ordinance, which got here into full impact on 1
June 2023, the SFC has closed gaps in its licensing and supervision powers over
VATPs. The regulator has imposed stringent necessities to make sure investor
safety, together with enhanced due diligence and strong governance measures.
In a transfer
to bolster retail buyers’ safety, Hong Kong’s Securities and Futures
Fee (SFC) has introduced a collection of recent measures this week. These
initiatives come on the heels of the JPEX crypto trade debacle, which
uncovered vulnerabilities within the metropolis’s regulatory framework for digital belongings.
The SFC’s new measures goal to boost transparency, enhance public consciousness,
and tighten rules round crypto buying and selling platforms.
JPEX Blowup Prompted
Response from Hong Kong Regulator
In June
2023, Hong Kong opened as much as retail cryptocurrency buying and selling, considerably
stress-free the nation’s present guidelines. Nonetheless, the variety of licensed
platforms that would present these companies stays small, a truth exploited by
different, unregulated entities to draw new prospects. One such trade was
JPEX, which is now dealing with critical points with the withdrawal of investor funds.
To fight
the disinformation, the SFC plans to publish a complete record of licensed Digital
Asset Buying and selling Platforms (VATPs) on its web site. This record will embrace at the moment
licensed platforms, these within the software course of, and entities which have
been ordered to close down or are deemed suspicious. The regulator believes this
clear strategy will assist buyers determine which platforms to have interaction with.
📰Hong Kong to Reveal Crypto License Candidates Publish-JPEX Investigation
In response to public demand and following the JPEX probe, Hong Kong’s Securities and Futures Fee (SFC) will disclose a listing of all crypto trade license candidates.
This transfer goals to spotlight… pic.twitter.com/nwo215N81v
— SourceFeed (@SourceFeed_) September 25, 2023
As well as
to enhancing transparency, the SFC is launching a public marketing campaign to teach
folks on defending themselves towards fraud. The fee can also be dedicated
to investigating and prosecuting unlawful platforms. To this finish, the SFC is
ramping up its intelligence-gathering efforts on companies associated to digital
belongings.
Maintain Studying
“The
SFC will, inside its statutory powers, proceed to strengthen its intelligence
gathering course of in direction of totally different companies associated to digital belongings. It
will proceed to take follow-up and enforcement actions towards suspicious
VATPs which will have violated the legislation, and refer circumstances to the Police when
needed,” the SFC commented
within the official press launch.
The
deliberate actions introduced by SFC had been summarized within the desk beneath:
Motion
Description
Publication
of VATP Lists
The SFC will publish numerous lists
to disseminate data transparently and well timed. These lists embrace: Listing
of licensed VATPs, record of closing-down VATPs, record of deemed licensed VATPs
as of 1 June 2024 and Listing of VATP candidates on account of public demand.
Enhanced Listing of Suspicious VATPs
The SFC will subject a devoted
record of suspicious VATPs that will probably be simply accessible on its web site. The
goal is to assist the general public determine probably fraudulent VATPs and disseminate
data clearly, transparently, and well timed.
Public Consciousness
Marketing campaign
The SFC and the IFEC will launch a
marketing campaign to lift public consciousness towards fraud. This will probably be completed via
numerous means resembling mass media, social media, and academic talks, aiming
to boost understanding of the dangers related to Digital Property (VAs)
and potential fraud.
Strengthening
Intelligence Gathering
The SFC will proceed to
strengthen its intelligence-gathering course of relating to companies associated to
VAs. It can take follow-up and enforcement actions towards suspicious VATPs
and refer circumstances to the Police when needed. The general public is inspired to
file complaints through the SFC’s On-line Grievance Kind.
Replace on JPEX Case
Over the
weekend, 11 people related to the JPEX case had been arrested, and
authorities are looking for Interpol help to apprehend the trade’s
leaders. Some cryptocurrencies linked to the fraud have additionally been frozen. Extra
than 1,400 complaints have been filed towards the buying and selling platform, indicating
losses exceeding HKD 1 billion, or roughly $127.9 million.
Moreover,
Finance Magnates disclosed final Monday that native authorities detained
monetary influencer Joseph Lam Chok on account of his on-line promotion of the
troubled trade. The arrest occurred just some hours following the
trade’s newest points.
Hong Kong’s Social Media Sensation, Joseph Lam, Arrested in Daring HK$34 Million JPEX Crypto Scandal! pic.twitter.com/zSUlXRZRTM
— Crypto College (@TheCryptoU) September 18, 2023
The SFC
said that it might proceed to evaluation the regulatory panorama in Hong Kong
and take well timed measures in response to new market developments.
“Adhering
to the ‘identical enterprise, identical dangers, identical guidelines’ precept, the SFC will work
with the HKSAR Authorities to usually evaluation the regulatory regime in Hong
Kong and think about well timed measures in gentle of recent market developments. These
measures could embrace regulation of VA-related companies aside from the VATPs,”
the regulator added.
The SFC has
been proactive in figuring out the potential advantages and dangers related to
digital finance and digital asset actions. Underneath the Anti-Cash Laundering
and Counter-Terrorist Financing Ordinance, which got here into full impact on 1
June 2023, the SFC has closed gaps in its licensing and supervision powers over
VATPs. The regulator has imposed stringent necessities to make sure investor
safety, together with enhanced due diligence and strong governance measures.
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