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Hong Kong’s Securities and Futures Fee (SFC) is bringing transparency following the arrests involving JPEX with the publication of the record of all digital asset buying and selling platforms (VATPs) candidates. It would additionally “improve and difficulty a devoted record of suspicious VATPs.”
Within the announcement right now (Monday), the Hong Kong regulator highlighted that the names of the VATP candidates might be printed “in gentle of public demand.” It would 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 obtained the license, whereas a number of have submitted their utility.
In keeping with the South China Morning Put up, 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 towards 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 received concerned within the bust towards 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 obtained complaints from 1,641 traders 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 acknowledged. “It additionally exhibits that dissemination of knowledge to the investing public by the Alert Checklist, warnings, and investor schooling 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 record of all digital asset buying and selling platforms (VATPs) candidates. It would additionally “improve and difficulty a devoted record of suspicious VATPs.”
Within the announcement right now (Monday), the Hong Kong regulator highlighted that the names of the VATP candidates might be printed “in gentle of public demand.” It would 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 obtained the license, whereas a number of have submitted their utility.
In keeping with the South China Morning Put up, HKVAX, HKBitEx, Hong Kong BGE Restricted, and Victory Fintech Firm Restricted are 4 crypto exchanges that utilized for crypto licenses from the SFC.
Maintain Studying
The JPEX Scandal
The vigilance of the SFC was triggered by its motion towards 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 received concerned within the bust towards 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 obtained complaints from 1,641 traders 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 acknowledged. “It additionally exhibits that dissemination of knowledge to the investing public by the Alert Checklist, warnings, and investor schooling will be additional enhanced to assist members of the investing public higher perceive the potential dangers entailed by suspicious web sites or VATPs.”
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