Hong Kong Regulator to Publish Crypto Platform License Applicants After Backlash Over JPEX Scandal

Hong Kong's SFC to publish names of crypto platform license applicants after backlash over JPEX scandal.
JPEX was unlicensed but offered services to HK retail investors; suspended trading and imposed fees when exposed.
Over 2,000 JPEX users filed complaints totaling ~HK$1.43 billion in assets frozen.
SFC says JPEX debacle shows need for proper crypto regulation to maintain confidence.
Previously reluctant, SFC now publishing applicant names due to public demand for transparency.

scmp.com

Relevant topic timeline:

8/30/2023

SEBA Bank secures in-principle nod for crypto services in Hong Kong

SEBA Hong Kong, the crypto-friendly Swiss bank, has received in-principle approval from the Hong Kong Securities and Futures Commission (SFC) to deal in virtual assets, allowing it to tap into the Chinese market when it opens up.

9/18/2023

NYDFS Seeks Public Input on Proposed Crypto Regulatory Framework and Greenlist Designation

The New York State Department of Financial Services (NYDFS) has proposed stricter regulations for crypto firms, including enhanced criteria for coin-listing procedures and a framework for designating tokens to the regulator's greenlist.

9/25/2023

Hong Kong to Publish List of Licensed Crypto Platforms After $178M JPEX Scandal

The Hong Kong Securities and Futures Commission plans to release a public list of suspicious cryptocurrency trading platforms following the JPEX scandal, in an effort to combat unregulated platforms and maintain market confidence.

9/25/2023

Hong Kong Watchdog to Increase Oversight After Crypto Exchange Probe

Hong Kong's Securities and Futures Commission will publish a list of crypto exchange license applicants following the JPEX probe, emphasizing the need for proper regulation to maintain market confidence and protect investors.

10/2/2023

SEC Delays Crypto ETF Approvals While Courts and Regulators Move Forward on Crypto Regulation

The SEC has delayed its decision on spot Bitcoin exchange-traded funds (ETFs), as well as spot Ether ETFs from VanEck, ARK 21Shares, and GlobalX, with applicants now expected to hear back in December and January; Bitwise Asset Management has responded to the delay with an amended application addressing the SEC's objections. In China, the Shanghai No.2 Intermediate People's Court has recognized Bitcoin as a unique and non-replicable digital asset, highlighting its currency features, while Taiwan's Financial Supervisory Commission has issued industry guidelines for virtual asset service providers (VASPs), including the requirement for foreign VASPs to obtain necessary approvals before operating in the country. Meanwhile, the Securities and Futures Commission (SFC) of Hong Kong will publish a list of licensed and suspicious virtual asset trading platforms (VATPs) following the JPEX crypto exchange scandal.

10/5/2023

Hong Kong Forms Crypto Task Force After JPEX Exchange Scandal

The Hong Kong Police Force and Securities and Futures Commission have formed a working group to address illicit cryptocurrency exchange activities, particularly in response to the ongoing crypto scandal involving JPEX exchange, aiming to enhance monitoring, investigation, and collaboration on suspicious activities.

10/9/2023

Crypto Firms Adapt Services to Comply with New UK Crypto Promotion Rules

Major global cryptocurrency exchanges like Binance and OKX are working to comply with the United Kingdom's new financial promotion regulations to ensure fair and transparent crypto promotions, while some firms have been listed as "non-authorized" for promoting services without permission.

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Posted 9/25/2023, 3:47:56 AM

Hong Kong Regulator to Publish Crypto Platform License Applicants After Backlash Over JPEX Scandal

Hong Kong's SFC to publish names of crypto platform license applicants after backlash over JPEX scandal.
JPEX was unlicensed but offered services to HK retail investors; suspended trading and imposed fees when exposed.
Over 2,000 JPEX users filed complaints totaling ~HK$1.43 billion in assets frozen.
SFC says JPEX debacle shows need for proper crypto regulation to maintain confidence.
Previously reluctant, SFC now publishing applicant names due to public demand for transparency.

scmp.com

Relevant topic timeline:

8/30/2023

SEBA Bank secures in-principle nod for crypto services in Hong Kong

9/18/2023

NYDFS Seeks Public Input on Proposed Crypto Regulatory Framework and Greenlist Designation

9/25/2023

Hong Kong to Publish List of Licensed Crypto Platforms After $178M JPEX Scandal

9/25/2023

Hong Kong Watchdog to Increase Oversight After Crypto Exchange Probe

10/2/2023

SEC Delays Crypto ETF Approvals While Courts and Regulators Move Forward on Crypto Regulation

10/5/2023

Hong Kong Forms Crypto Task Force After JPEX Exchange Scandal

10/9/2023

Crypto Firms Adapt Services to Comply with New UK Crypto Promotion Rules