Hong Kong’s securities regulator and police force set up a task force to assist with the detection of suspicious activity at crypto exchanges, intensifying industry oversight after the JPEX platform blowup.
The working group comprised of the territory’s Securities and Futures Commission and law enforcement officials would “enhance collaboration in monitoring and investigating illegal activities related to virtual-asset trading platforms,” the financial watchdog said in a statement on Wednesday.
The tie-up comes as Hong Kong grapples with the fallout from JPEX. Authorities allege the unlicensed crypto platform defrauded investors of HK$1.6 billion (US$204 million) and have arrested at least 20 people as part of a probe.
Photo: Bloomberg
The saga threatens to complicate Hong Kong’s push to develop a global home for the digital-asset industry in a bid to restore its image as a cutting-edge financial center.
Hong Kong rolled out a new regulatory framework for virtual assets mid-year and awarded the first mandatory licenses for trading platforms in August.
Officials are seeking to learn the lessons of last year’s crypto bear market and ensuing bankruptcies by ensuring investors are protected, while also creating clear paths for obtaining permits.
Jurisdictions like Dubai, Singapore and the EU have also developed crypto frameworks, whereas the status of digital assets remains hazy in the US.
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