To improve regulation of cryptocurrency trading, the Hong Kong police and financial watchdog have created a working group following their crackdown on the crypto exchange JPEX.
Consisting of members from the police’s Commercial Crime Bureau, Cyber Security and Technology Crime Bureau, Financial Intelligence and Investigations Bureau, as well as the Securities and Futures Commission, the group will enhance coordination, share information on suspicious activities, and assess risks related to virtual asset trading platforms.
The group’s formation was prompted by a high-level meeting on Sept. 28 and aims to protect the public of Hong Kong.
The crackdown on JPEX resulted in at least 20 arrests and the blocking of online access by local telecom providers through a police action called “tieguan” or “iron gate.”
