Hong Kong’s Securities and Futures Fee (SFC) has launched new measures to reinforce traders’ schooling following the JPEX debacle.
In a Sept. 25 assertion, the monetary regulator introduced its intention to publish a complete record of licensed Digital Asset Buying and selling Platforms (VATPs) on its web site. This record will embody licensed platforms, these within the utility course of, entities it has ordered to close down, and people it has deemed suspicious.
In response to the regulator, this complete record could be communicated transparently and well timed to alert traders concerning the companies they need to work together with.
In addition to that, the fee intends to launch a fraud prevention publicity marketing campaign that might educate the general public on defending themselves in opposition to fraud. Moreover, it plans to analyze and prosecute unlawful platforms, vowing to strengthen its intelligence-gathering course of on digital assets-related companies.
Lawmaker pushes for Web3 regulatory committee.
In the meantime, Hong Kong lawmaker Johnny Ng revealed he has written the legislative council to ascertain a subcommittee centered on the rising trade.
In response to him, this committee will complement the current regulatory reforms by discussing the event of Web3 and digital belongings and inspecting the loopholes in present rules that allowed the implosion of JPEX.
Ng is a pro-crypto lawmaker who has persistently advocated for the trade within the Asian metropolis. The lawmaker not too long ago invited Ethereum (ETH) co-founder Vitalik Buterin to the area in order that he might acquire insights into Hong Kong’s cryptocurrency method.
JPEX’s case replace
Over the weekend, the South China Morning Submit reported that the police have arrested 11 people linked to the JPEX case. In response to the report, the authorities are actively looking for Interpol help of their pursuit of the alternate’s leaders, they usually have additionally efficiently frozen some cryptocurrencies linked to the fraud.
In its assertion, the SFC stated it will frequently assessment the regulatory regime in Hong Kong and take into account well timed measures in gentle of latest market developments. It added:
“The SFC will discover with the Police to arrange a devoted channel to share data on suspicious actions of and breaches by VATPs and to analyze the JPEX incident to deliver the wrong-doers to justice.”
The implosion of the Hong Kong-based crypto alternate had raised questions concerning the metropolis’s regulatory procedures. In response to experiences, the rug pull affected about 2,305 victims with about $178 million in losses.
The publish Hong Kong ramps up crypto enterprise transparency after JPEX blowup appeared first on CryptoSlate.
