After the JPEX Rugpull fraud, the Securities and Futures Commission (SFC) and Jong Kong Police Force (HKPF) formed a dedicated working group. This organization seeks to better monitor and investigate illicit Virtual Asset Trading Platform operations. SFC and HKPF developed a specialized working group at a high-level meeting on September 28, 2023.
Working Group Aims to Enhance Coordination in Investigating VATPs in Hong Kong
This working group includes bureau and division officials. Commercial Crime Bureau, Cyber Security and Technology Crime Bureau, Financial Intelligence and Investigations Bureau, Securities and Futures Commission Enforcement Division, and Intermediaries Division of the Hong Kong Police Force are covered.
Working group goals are three. More SFC-HKPF coordination in Virtual Asset Trading Platform investigations is the aim. This stresses reporting suspicious conduct and violations. The group’s major purpose is to develop a systematic approach to evaluating questionable VATP risks to identify and mitigate potential dangers. Thirdly, the purpose is to speed up VATPs’ disclosure of suspicious behavior and breaches to allow fast responses and protect investors.
Assistant Commissioner of Police (Crime) Eve Chung emphasized this teamwork. The new Police-SFC partnership would speed up intelligence sharing and enhance VATP collaboration, the person said. Ms. Chung emphasized crypto platform safety for Hong Kongers.
Hong Kong Forms Working Group to Ensure Crypto Market Security
Christopher Wilson, the Executive Director of Enforcement for the Securities and Futures Commission, emphasized the importance of police-organization coordination. The speaker reaffirmed the parties’ commitment to working together to solve challenging VATPs and protect investment.
Hong Kong created this working group to secure its financial markets, including crypto, after the JPEX Rugpull. The decision indicates that regulators will examine crypto trading platform violations to safeguard investors.
The aforementioned proactive action highlights Hong Kong’s dedication to safeguarding its financial markets. It embraces the crypto industry and guarantees the protection of investors.
