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06/10/23
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Hong Kong’s SFC Announces New Working Group to Investigate Virtual Asset Trading Platforms
On October 4, Hong Kong’s Securities and Futures Commission (SFC) announced the establishment of a dedicated working group with the Hong Kong Police Force (HKPF) to monitor and investigate illicit activities associated with Virtual Asset Trading Platforms (VATPs).
The commission said the new working group will enhance collaboration with the HKPF to achieve the goal. The group is made up of representatives from the HKPF’s Commercial Crime Bureau, Cyber Security and Technology Crime Bureau and Financial Intelligence and Investigations Bureau and the SFC’s Enforcement Division and Intermediaries Division.
The goals of the working group include the facilitation of information sharing on suspicious activities and breaches of VATPs, implementation of a mechanism for the assessment of the risks of suspicious VATPs, as well as enhancement of coordination and collaboration in related investigations.
The formation of the group happened following a meeting with the HKPF a week ago as they continue to arrest people connected to the Dubai-based JPEX exchange. Prior to the meeting, eleven people were reportedly detained for questioning over their possible role in the JPEX scandal. The SFC claimed that JPEX did not obtain a license before promoting its services in the region.
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