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Key Takeaways
* Hong Kong Safety Chief Chris Tang Ping-keung vows to search out ringleaders of JPEX, a crypto platform concerned within the metropolis’s largest alleged monetary fraud.
* Police have arrested 15 people and seized belongings value HK$85 million ($10.8 million), together with HK$8 million in money.
* Monetary Secretary Paul Chan Mo-po emphasizes the necessity for a correct regulatory framework for Web3-related enterprise ventures.
The Ongoing Investigation
Hong Kong’s Secretary for Safety, Chris Tang Ping-keung, has pledged to apprehend the important thing operators behind JPEX, a cryptocurrency platform on the heart of town’s largest alleged monetary fraud, in accordance with SCMP. As of September 27, 2023, the police have arrested 15 people and seized greater than HK$8 million ($1 million) in money, together with different belongings valued at HK$77 million ($9.8 million). These belongings embrace actual property and digital currencies. The case entails suspected losses of HK$1.5 billion ($191.9 million) and has impacted greater than 2,400 victims.
Regulatory Considerations
Monetary Secretary Paul Chan Mo-po acknowledged that Hong Kong should regulate enterprise ventures associated to the following technology of the web, often known as Web3. “We should incorporate enterprise operations associated to Web3 into a correct regulatory framework and crack down on any unlawful actions,” Chan stated. Authorities goal to impose “balanced rules” to guard traders and stop cash laundering dangers.
The Arrests
Among the many 15 arrested, one was Chung Wai-hin, a 23-year-old director of over-the-counter (OTC) cryptocurrency trade retailer Cash Lupin. One other was influencer Sheena Leung, who runs the YouTube channel “sheung-8888,” and a employees member of OTC cryptocurrency retailer Unicoin. On Monday, one other director of Cash Lupin, Wong Sheung-yin, was arrested.
Regulatory Oversight
The Securities and Futures Fee had earlier named JPEX as an unlicensed cryptocurrency trade with “suspicious options.” Solely two platforms, HashKey and OSL, have secured a license for retail cryptocurrency buying and selling providers in Hong Kong. 4 different corporations are pending approval.
Picture supply: Shutterstock
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