Hong Kong maintains 1-year ‘crypto’ exchange grace period despite scams
Any virtual asset service provider (VASP) operating in the special administrative region within this timeframe must obtain a license from the SFC or wind down operations.
Any virtual asset service provider (VASP) operating in the special administrative region within this timeframe must obtain a license from the SFC or wind down operations.
JPEX partners, Chang Tung-Ying and Shi Yu have been arrested for anti-money laundering violations, and more individuals are being summoned like Chen Lingju, who endorsed the firm during its peak.
The new working group will facilitate information sharing between the two on exchange breaches; meanwhile, JPEX converted user funds to native tokens as it turned into a decentralized autonomous organization.
Police in Hong Kong and Macau announced four more arrests stemming from the apparent rug-pull by the Dubai-based JPEX, which left over 2,400 Hong Kong-based customers fearing a combined loss of US$191.5 million in assets held on the exchange.
After the JPEX implosion, Hong Kong’s Securities and Futures Commission has listed the four exchanges that have applied for a license, with Huobi and OKX missing from the list despite public claims.
Hong Kong is on its second round of consultation for its stablecoin regulations, and a lawmaker has revealed that he called on residents to use the upcoming CBDC.
Hong Kong is responding to the collapse of JPEX with stricter regulations for digital currency providers, emphasizing investor protection and deterring misleading practices.