Crypto News – In order to tackle illegal activity among cryptocurrency exchanges, the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Police Force have formed a task force.
Hong Kong SFC Task Force Move: Cracking Crypto Exchanges and Fighting Fraud Will Now Be More Effective
The Hong Kong SFC announced the creation of a task force to vigorously crack down on cryptocurrency exchanges in the area in a statement.
The working group was established after a high-level meeting of the two parties on 28 September 2023,
the statement
Additionally, the statement emphasizes that information will be shared between the police department and the regulator as part of the collaboration. A thorough risk assessment procedure for cryptocurrency exchanges deemed suspect will also be put into place.
The Securities and Futures Commission (SFC) has established a dedicated working group with the Hong Kong Police Force (HKPF) to enhance collaboration in monitoring and investigating illegal activities related to Virtual Asset Trading Platforms (VATPs).
the statement
Who will be on the Task Force?
Members of the team will come from a variety of Hong Kong agencies that handle a range of topics. In addition to the SFC’s Enforcement Division and Intermediaries Division, they include the HKPF’s Commercial Crime Bureau, Cyber Security and Technology Crime Bureau, Financial Intelligence and Investigations Bureau, and Financial Intelligence and Investigations Bureau.
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