Hong Kong's securities regulator and police set up a task force to help detect suspicious activity on crypto exchanges, intensifying scrutiny of the industry following the explosion on the JPEX crypto platform. Reporting from Yahoo Finance, Monday (9/10/2023), the working group consists of the Securities Commission and Futures city and law enforcement officials will increase collaboration in monitoring and investigating illegal activities related to virtual asset trading platforms. This relationship comes as Hong Kong faces the fallout from JPEX. Authorities accuse the unlicensed crypto platform of defrauding investors of USD 204 million or the equivalent of IDR 3.1 trillion (assuming an exchange rate of IDR 15,611 per US dollar) and have arrested at least 20 people as part of the investigation. This effort threatens to make it more difficult for Hong Kong to develop global home for the digital asset industry in a bid to restore its image as a cutting-edge financial hub. The city's reputation has been tarnished by claims of reduced autonomy from China as well as memories of prolonged restrictions related to Covid-19. Hong Kong launched a new regulatory framework for virtual assets in mid-year and granted the first mandatory license to a trading platform last August. Disclaimer: Any decision the investment is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.