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 info on suspicious actions round VATPs, implement a threat evaluation mechanism for suspicious platforms and improve coordination and collaboration in associated investigations, the SFC mentioned 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 Industrial 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 might tighten regulatory enforcement following the scandal with unlicensed digital asset platform JPEX, which allegedly prompted round HK$1.2 billion (US$154 million) in losses to over 1,600 buyers, 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