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Hong Kong’s SFC Takes Action Against Unregulated Crypto Trading Platforms: Enhancing Transparency and Investor Protection

CryptoHong Kong's SFC Takes Action Against Unregulated Crypto Trading Platforms: Enhancing Transparency and Investor Protection
Hong Kong’s Securities and Futures Commission (SFC) is intensifying efforts to address unregulated cryptocurrency trading platforms in the region. To enhance transparency, the SFC plans to publish lists categorizing virtual asset trading platforms (VATPs) as licensed, pending licensing, closing down, or unlicensed. The aim is to empower the public to identify unregulated platforms and emphasize the importance of proper crypto regulation.

The SFC will also maintain a list of “suspicious VATPs” on its website to safeguard investors. This move follows the JPEX crypto exchange scandal, which allegedly promoted services to Hong Kong residents without a license, resulting in around $178 million in financial losses and over 2,200 filed complaints. The SFC will collaborate with law enforcement agencies to facilitate reporting and investigations related to VATP violations.

Hong Kong introduced a licensing regime for VATPs on June 1, with only two platforms, Hashkey and OSL Digital, currently holding licenses for retail customer services. The SFC acknowledges the potential benefits of cryptocurrencies but remains focused on addressing risks like money laundering and investor protection, highlighting the importance of robust regulatory oversight.

By FCCT Editorial Team freeslots dinogame telegram营销

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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