Over the previous three years, the variety of digital asset-related crimes in Hong Kong has elevated considerably. The reported instances amounted to 1,397, 2,336 and three,415, amounting to HK$824 million, HK$1.704 million and HK$4.398 billion respectively, virtually tripling over the interval.
Regulation enforcement businesses acquire particular statistics on particular person instances in keeping with arrest and authorized course of studies. For instance, within the JPEX case, 70 individuals have been arrested as of February 20, however no formal fees have been filed but.
Hong Kong lists suspicious buying and selling platforms
in keeping with statement The Securities and Futures Fee (SFC) has stepped up its disclosure efforts since September final 12 months, Christopher Hui, Hong Kong’s Monetary Providers Commissioner and Ministry of Finance, stated in response to questions from lawmakers.
Its efforts embrace publishing intensive details about digital asset buying and selling platforms, together with the “Checklist of Suspicious Digital Asset Buying and selling Platforms,” to offer the general public with clear and well timed info. As of February 14th, this listing contains 14 buying and selling platforms.
As of February 2, the SFC and police have exchanged info on greater than 100 digital asset buying and selling platforms and associated actions. Selections on whether or not to launch particular investigations into particular person buying and selling platforms or actions might be primarily based on quite a lot of standards, together with their relevance to Hong Kong. , the potential for violations of related legal guidelines, and the dimensions of human assets and funds concerned.
In the meantime, the JPEX incident grew to become a serious incident in Hong Kong final 12 months. Following the liquidity disaster, the trade ceased operations and a radical investigation was carried out by the SFC. 1000’s of buyer complaints have been filed and losses exceeded $152 million. Eight suspects have been detained to this point, and authorities have frozen roughly $1.9 million of their accounts and seized $5.6 million price of property.
Hong Kong cracks down on cryptocurrency service suppliers
On February 8, the Ministry of Finance launched a public session on legislative proposals for licensing digital asset buying and selling service suppliers to additional strengthen the regulatory framework. The session interval ends on April twelfth.
The Ministry of Finance, in collaboration with the Hong Kong Financial Authority, launched a public session on the regulation of stablecoin issuers in December 2023 and concluded on February 29.
The federal government goals to promptly submit draft rules concerning the licensing system to the Legislative Council, relying on the outcomes of those consultations and the progress of preparatory work.
In the meantime, HTX, previously often known as Huobi, not too long ago utilized to offer cryptocurrency companies in Hong Kong, becoming a member of a rising listing of candidates. The transfer comes on the heels of one other cryptocurrency trade, Bybit, additionally making use of for license approval from the SFC to function inside the area.
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