Hong Kong Authorities Join Forces to Combat Illegal Activities on Cryptocurrency Trading Platforms
The Hong Kong Securities and Futures Commission (SFC) cooperates with Police to form a specialized mission force aimed at combating illegal activities on Cryptocurrency trading Platforms.
In wakefulness of JPEX scandal in Hong Kong regulatory Bodies are given great importance moves to combat Illegal activities in Cryptocurrency sector. The SFC and the Hong Kong Police Force (HKPF) did this joined Forces to exclusively monitor and investigate illicit practices related to virtual asset trading platforms (VATPs).
The mission force will bring together experts from various divisions of Hong Kong Police and SFC. The team includes members from the Commercial Crime Bureau, the Cybersecurity and Technology Crime Bureau, and the Financial Intelligence and Investigations Bureau of the police force.
This cooperative venture was officially green lit on September 28, following a high-level meeting between representatives of both the Syrian Football Association and the Hong Kong Football Association.
Mission force objectives, outlined
According to SFC official announcement, the specialized task force will aim to achieve three key goals:
- Smoothly share information regarding suspicious activities and violations related to value added tax.
- Develop framework to evaluate risk appearance of Value added tax.
- Promote greater coordination in continuous and future investigations on encryption trading platforms.
Latest fraud of Cryptocurrency exchange JPEX served as an opener for Hong Kong authorities.
The exchange allegedly laundered 190 million TRC20-USDT tokens from its platform in the last 20 months. Later, Hong Kong police arrested 11 people linked to the crime. Until now.
