Hong Kong’s Securities and Futures Fee (SFC) has launched new measures to boost buyers’ training 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 software course of, entities it has ordered to close down, and people it has deemed suspicious.
Based on the regulator, this complete record can be communicated transparently and well timed to alert buyers in regards to the companies they need to work together with.
Moreover that, the fee intends to launch a fraud prevention publicity marketing campaign that will 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 targeted on the rising business.
Based on him, this committee will complement the current regulatory reforms by discussing the event of Web3 and digital belongings and inspecting the loopholes in present laws that allowed the implosion of JPEX.
Ng is a pro-crypto lawmaker who has constantly advocated for the business within the Asian metropolis. The lawmaker lately invited Ethereum (ETH) co-founder Vitalik Buterin to the area in order that he may achieve 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 related to the JPEX case. Based on the report, the authorities are actively searching for Interpol help of their pursuit of the trade’s leaders, and so they have additionally efficiently frozen some cryptocurrencies linked to the fraud.
In its assertion, the SFC stated it could commonly evaluation the regulatory regime in Hong Kong and think about well timed measures in gentle of recent 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 carry the wrong-doers to justice.”
The implosion of the Hong Kong-based crypto trade had raised questions in regards to the metropolis’s regulatory procedures. Based on experiences, the rug pull affected about 2,305 victims with about $178 million in losses.
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