Hong Kong’s Securities and Futures Fee (SFC) is bringing transparency following the arrests involving JPEX with the publication of the checklist of all digital asset buying and selling platforms (VATPs) candidates. It can additionally “improve and challenge a devoted checklist of suspicious VATPs.”
Within the announcement at present (Monday), the Hong Kong regulator highlighted that the names of the VATP candidates shall be printed “in gentle of public demand.” It can additionally publish lists of licensed VATPs, closing-down VATPs, and deemed-to-be-licensed VATPs.
Hong Kong’s SFC has mandated licensing all crypto platforms working inside its jurisdiction, a transfer welcomed by the broader trade. Till now, solely OSL Digital Securities Restricted and Hash Blockchain Restricted have acquired the license, whereas a number of have submitted their software.
In response to the South China Morning Submit, HKVAX, HKBitEx, Hong Kong BGE Restricted, and Victory Fintech Firm Restricted are 4 crypto exchanges that utilized for crypto licenses from the SFC.
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The JPEX Scandal
The vigilance of the SFC was triggered by its motion in opposition to the alleged fraud of JPEX, a crypto trade extensively concentrating on Hong Kong residents. The regulator alleged that JPEX falsely claimed that it was awaiting a license in Hong Kong and labeled the platform as fraud.
The Hong Kong police additionally acquired concerned within the bust in opposition to JPEX and arrested and detained a number of individuals with ties to the trade, together with influencers Joseph Lam Chok and Chan Wing-yee.
The authorities in Hong Kong reportedly acquired complaints from 1,641 buyers on JPEX, involving HK$1.2 billion ($128 million) in crypto belongings, making it the biggest monetary fraud within the Chinese language autonomous administrative area.
“The JPEX incident highlights the dangers of coping with unregulated VATPs and the necessity for correct regulation to keep up market confidence,” the regulatory announcement said. “It additionally reveals that dissemination of knowledge to the investing public by way of the Alert Checklist, warnings, and investor training will be additional enhanced to assist members of the investing public higher perceive the potential dangers entailed by suspicious web sites or VATPs.”
Hong Kong’s Securities and Futures Fee (SFC) is bringing transparency following the arrests involving JPEX with the publication of the checklist of all digital asset buying and selling platforms (VATPs) candidates. It can additionally “improve and challenge a devoted checklist of suspicious VATPs.”
Within the announcement at present (Monday), the Hong Kong regulator highlighted that the names of the VATP candidates shall be printed “in gentle of public demand.” It can additionally publish lists of licensed VATPs, closing-down VATPs, and deemed-to-be-licensed VATPs.
Hong Kong’s SFC has mandated licensing all crypto platforms working inside its jurisdiction, a transfer welcomed by the broader trade. Till now, solely OSL Digital Securities Restricted and Hash Blockchain Restricted have acquired the license, whereas a number of have submitted their software.
In response to the South China Morning Submit, HKVAX, HKBitEx, Hong Kong BGE Restricted, and Victory Fintech Firm Restricted are 4 crypto exchanges that utilized for crypto licenses from the SFC.
Hold Studying
The JPEX Scandal
The vigilance of the SFC was triggered by its motion in opposition to the alleged fraud of JPEX, a crypto trade extensively concentrating on Hong Kong residents. The regulator alleged that JPEX falsely claimed that it was awaiting a license in Hong Kong and labeled the platform as fraud.
The Hong Kong police additionally acquired concerned within the bust in opposition to JPEX and arrested and detained a number of individuals with ties to the trade, together with influencers Joseph Lam Chok and Chan Wing-yee.
The authorities in Hong Kong reportedly acquired complaints from 1,641 buyers on JPEX, involving HK$1.2 billion ($128 million) in crypto belongings, making it the biggest monetary fraud within the Chinese language autonomous administrative area.
“The JPEX incident highlights the dangers of coping with unregulated VATPs and the necessity for correct regulation to keep up market confidence,” the regulatory announcement said. “It additionally reveals that dissemination of knowledge to the investing public by way of the Alert Checklist, warnings, and investor training will be additional enhanced to assist members of the investing public higher perceive the potential dangers entailed by suspicious web sites or VATPs.”
