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Hong Kong police, regulator form crypto task force as JPEX saga unfolds

– The Hong Kong Police Force (HKPF) and the Securities and Futures Commission (SFC) have established a working group to deal with illicit crypto exchange activities.
– The working group was formed after a meeting with the HKPF on Sept. 28, following the ongoing arrests and developments related to the Dubai-based JPEX exchange.
– 11 people were detained for questioning in connection to the JPEX scandal, in which the SFC has alleged that the firm has been promoting its services in the region without a license.
– The aim of the working group is to enhance monitoring and investigation of illegal activities carried out by Virtual Asset Trading Platforms (VATPs), share information on suspicious activities, assess risks, and collaborate on investigations.
– Hong Kong’s regulators have expressed intentions to tighten crypto market regulations following the JPEX saga.
– The working group comprises officials from the SFC’s enforcement division and HKPF officials from its commercial, cybersecurity, and financial intelligence and investigations bureaus.
– The SFC has published a list of licensed, deemed licensed, closing down, and application-pending exchanges, as well as a list of “suspicious VATPs.”
– The SFC looks forward to deploying its resources to combat problematic VATPs and protect the interest of investors.
– The working group is instrumental in exchanging intelligence and jointly responding to challenges arising from VATPs to better protect the general public of Hong Kong.

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