Hong Kong has established a special task force to supervise cryptocurrency exchanges following the scandal at the JPEX cryptocurrency exchange. This task force will include officials from the city's Securities and Futures Commission (SFC) and police bureaus of business crime, cybersecurity and technology crimes, financial intelligence and investigations. The task force aims to "increase cooperation in monitoring and investigating illegal activities related to virtual asset trading platforms." 🚨🔍
Hong Kong is on track to become a regional crypto and fintech hub by introducing a new regulatory framework for crypto assets this year and issuing compulsory licenses for digital asset trading platforms in August. The establishment of the task force is seen as an important step to increase confidence in the new regulation. Hong Kong authorities are trying to learn more about the 2022 crypto contagion and the collapse of high-profile platforms.
Hong Kong is on track to become a regional crypto and fintech hub by introducing a new regulatory framework for crypto assets this year and issuing compulsory licenses for digital asset trading platforms in August. The establishment of the task force is seen as an important step to increase confidence in the new regulation. Hong Kong authorities are trying to learn more about the 2022 crypto contagion and the collapse of high-profile platforms.