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Hong Kong ramps up crypto enterprise transparency after JPEX blowup

Hong Kong’s Securities and Futures Fee (SFC) has launched new measures to boost traders’ training following the JPEX debacle.

In a Sept. 25 assertion, the monetary regulator introduced its intention to publish a complete listing of licensed Digital Asset Buying and selling Platforms (VATPs) on its web site. This listing will embody licensed platforms, these within the software course of, entities it has ordered to close down, and people it has deemed suspicious.

Hong Kong SFC
Supply: Hong Kong SFC

In line with the regulator, this complete listing could be communicated transparently and well timed to alert traders in regards to the companies they need to work together with.

Moreover that, the fee intends to launch a fraud prevention publicity marketing campaign that may educate the general public on defending themselves in opposition to fraud. Moreover, it plans to research and prosecute unlawful platforms, vowing to strengthen its intelligence-gathering course of on digital assets-related companies.

Lawmaker pushes for Web3 regulatory committee.

In the meantime, Hong Kong lawmaker Johnny Ng revealed he has written the legislative council to ascertain a subcommittee centered on the rising business.

In line with him, this committee will complement the latest regulatory reforms by discussing the event of Web3 and digital property and inspecting the loopholes in present laws that allowed the implosion of JPEX.

Ng is a pro-crypto lawmaker who has constantly advocated for the business within the Asian metropolis. The lawmaker not too long ago invited Ethereum (ETH) co-founder Vitalik Buterin to the area in order that he might achieve insights into Hong Kong’s cryptocurrency strategy.

JPEX’s case replace

Over the weekend, the South China Morning Publish reported that the police have arrested 11 people linked to the JPEX case. In line with the report, the authorities are actively searching for  Interpol help of their pursuit of the alternate’s leaders, and so they have additionally efficiently frozen some cryptocurrencies linked to the fraud.

In its assertion, the SFC stated it might recurrently evaluate the regulatory regime in Hong Kong and take into account well timed measures in gentle of latest market developments. It added:

The SFC will discover with the Police to arrange a devoted channel to share info on suspicious actions of and breaches by VATPs and to research the JPEX incident to carry the wrong-doers to justice.”

The implosion of the Hong Kong-based crypto alternate had raised questions in regards to the metropolis’s regulatory procedures. In line with studies, the rug pull affected about 2,305 victims with about $178 million in losses.

The publish Hong Kong ramps up crypto enterprise transparency after JPEX blowup appeared first on CryptoSlate.



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