Hong Kong Police and Securities Regulator Form Unit to Monitor Crypto Exchanges

Law enforcement officers and monetary regulators in Hong Kong have teamed as much as higher determine unlawful actions on cryptocurrency exchanges. The initiative, which comes within the wake of the crackdown on the JPEX trade, seeks to enhance coordination between the federal government companies in related investigations sooner or later.

Hong Kong’s Financial Watchdog Announces Working Group on Crypto Exchanges Amid JPEX Probe

The Hong Kong Police Force (HKPF) and the Securities and Futures Commission (SFC) of China’s particular administrative area have established a devoted working group to enhance collaboration between the authorities in efforts to observe and examine illicit and unlawful actions linked to Virtual Asset Trading Platforms (VATPs), or cryptocurrency exchanges.

The unit has been arrange after a high-level assembly of the 2 companies on Sept. 28, the SFC introduced Wednesday. Its members symbolize the HKPF’s Commercial Crime Bureau, Cyber Security and Technology Crime Bureau, and Financial Intelligence and Investigations Bureau in addition to the SFC’s Enforcement Division and Intermediaries Division.

The group’s principal duties can be to facilitate the sharing of knowledge on suspicious actions and breaches of VATPs, introduce a danger evaluation mechanism for crypto exchanges and improve coordination and collaboration in associated investigations, the press launch detailed.

“We have always valued our working relationship with the Police and we look forward to our even closer collaboration in deploying our respective expertise and resources in combatting problematic VATPs and protect the interest of investors,” SFC Executive Director of Enforcement, Christopher Wilson, was quoted as stating.

Assistant Commissioner of Police, Eve Chung, described the joint platform as instrumental for rushing up intelligence trade in response to VATP-related challenges, including that its implementation will assist Hong Kong authorities to higher defend most of the people.

The working group has been fashioned amid an ongoing investigation of cryptocurrency trade JPEX which resulted within the suspension of a few of its actions and a number of arrests. The probe additionally led to elevated regulatory scrutiny over the entire sector at a time when Hong Kong is in search of to revive its standing of a world monetary middle together with by taking steps to develop into a serious hub for digital property and crypto companies.

Do you suppose the working group arrange by the Hong Kong authorities will hamper the operations of cryptocurrency exchanges within the area? Tell us within the feedback part under.