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HK intensifies cryptocurrency oversight


Hong Kong's securities regulator has collaborated with the police force to establish a taskforce focused on detecting suspicious activities at cryptocurrency exchanges. This move follows the recent JPEX platform debacle. The joint taskforce, including members from the Securities and Futures Commission and law enforcement, aims to bolster efforts against illegal activities linked to virtual asset trading platforms. The initiative stems from allegations against the unregulated JPEX crypto platform, which is believed to have defrauded investors of HKD1.6bn (USD204m). The JPEX situation poses challenges for Hong Kong's ambition to establish itself as a premier global hub for the digital asset sector. Amid these efforts, Hong Kong introduced a new regulatory structure for virtual assets earlier this year and granted its first obligatory trading platform licences in August.

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