Hong Kong’s Securities and Futures Fee (SFC) has launched new measures to reinforce buyers’ schooling following the JPEX debacle.
In a Sept. 25 assertion, the monetary regulator introduced its intention to publish a complete checklist of licensed Digital Asset Buying and selling Platforms (VATPs) on its web site. This checklist will embody licensed platforms, these within the software course of, entities it has ordered to close down, and people it has deemed suspicious.
In accordance with the regulator, this complete checklist can be communicated transparently and well timed to alert buyers in regards to the companies they need to work together with.
Apart from 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 determine a subcommittee centered on the rising trade.
In accordance with him, this committee will complement the current regulatory reforms by discussing the event of Web3 and digital belongings and analyzing the loopholes in present rules that allowed the implosion of JPEX.
Ng is a pro-crypto lawmaker who has constantly advocated for the trade within the Asian metropolis. The lawmaker just lately invited Ethereum (ETH) co-founder Vitalik Buterin to the area in order that he might achieve insights into Hong Kong’s cryptocurrency strategy.
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 accordance with 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 commonly evaluate the regulatory regime in Hong Kong and take into account well timed measures in mild of recent market developments. It added:
“The SFC will discover with the Police to arrange a devoted channel to share info 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 in regards to the metropolis’s regulatory procedures. In accordance with reviews, the rug pull affected about 2,305 victims with about $178 million in losses.
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