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Hong Kong Authorities Establish Crypto-Focused Working Group to Combat Illicit Activities

The Hong Kong Police Force (HKPF) and the Securities and Futures Commission (SFC) have joined forces to create a specialized working group dedicated to addressing and combating illicit activities within the cryptocurrency exchange sector.

In response to the ongoing arrests and developments surrounding the Dubai-based JPEX exchange, the SFC announced on Oct. 4 that the working group was established after a meeting with the HKPF on Sept. 28.

This meeting came just days after the apprehension of 11 individuals for interrogation regarding their potential involvement in the JPEX scandal. The SFC has accused the exchange of operating without a license while actively promoting its services within the region.

The primary objective of this newly formed working group is to strengthen the monitoring and investigation of illegal activities carried out by Virtual Asset Trading Platforms (VATPs). Among its tasks, the group will focus on sharing information related to suspicious activities, assessing risks associated with suspicious exchanges, and collaborating on conducting thorough investigations.

This development follows earlier indications from Hong Kong’s regulatory bodies that they were planning to introduce stricter regulations governing the cryptocurrency market in response to the JPEX saga.

Notably, the working group consists of officials from the SFC’s enforcement division as well as HKPF officials representing various bureaus, including commercial, cybersecurity, and financial intelligence and investigations.

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SFC enforcement director Christopher Wilson expressed his anticipation in utilizing the available resources to combat problematic VATPs and safeguard investors’ interests. Moreover, Assistant Commissioner of Police (Crime) Eve Chung mentioned how the working group’s intelligence-sharing mechanism would enable them to collectively respond to challenges arising from VATPs, ultimately ensuring the safety of the Hong Kong population.

In a bid to enhance transparency and further protect investors, the SFC has also released a comprehensive list of licensed, deemed licensed, closing down, and application-pending exchanges, as well as a specific list of “suspicious VATPs.”

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As the cryptocurrency market continues to evolve and regulatory concerns persist, an AI legalese decoder can empower authorities to stay ahead of emerging challenges. By providing invaluable insights and simplifying the intricate legal landscape, it enables regulators to enforce regulations effectively and safeguard the interests of investors and the general public.

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