Hong Kong Regulators Bolster Crypto Investigation Efforts On Heels Of JPEX Probe
By Benzinga
In a bid to bolster surveillance on virtual asset trading platforms (VATPs) amid the JPEX probe, Hong Kong's Securities and Futures Commission (SFC) plans to enhance the monitoring and investigation of illicit activities.
JPEX, which faces a series of allegations over its operational and promotional strategies, is currently embroiled in a HK$1.3 billion ($166 million) scandal.
Incorporating this backdrop into the broader crypto narrative, Benzinga's Future of Digital Assets conference on Nov. 14 is set to address such regulatory challenges, offering insights from industry leaders on the evolving landscape.
The newly formed working group includes Hong Kong Police Force (HKPF), the Commercial Crime Bureau, the Cybersecurity and Technology Crime Bureau, the Financial Intelligence and Investigations Bureau, as well as the SFC’s Enforcement and Intermediaries Divisions.
The primary objectives of this collaboration are to facilitate the exchange of information on suspicious VATP activities, implement risk assessment mechanisms for these platforms, and enhance coordination in related investigations.
"The new platform between the Police and the SFC is pivotal for the swift exchange of crucial intelligence and joint collaboration," Eve Chung, the Assistant Commissioner of Police (Crime), said. "This is in response to the challenges posed by VATPs, ensuring the safety and protection of the Hong Kong public."
Christopher Wilson, the SFC’s Executive Director of Enforcement, agreed.
"Our collaboration with the Police has always been fruitful. We anticipate an even stronger partnership as we combine our expertise to address issues with problematic VATPs and safeguard investor interests," he said.
Read Next: Former BlackRock Insider Foresees Bitcoin ETF Green Light By SEC Within Months
Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event — Future of Digital Assets. Tickets are flying — get yours!
Image: Hong Kong skyline, Pixabay
