SFC and Hong Kong Police Collaborate on Monitoring Virtual Asset Trading Platforms

SFC and Hong Kong Police Collaborate on Monitoring Virtual Asset Trading Platforms

To
boost efforts against illegal activities in the realm of Virtual Asset Trading
Platforms (VATPs), the Securities and Futures Commission (SFC) has established
a dedicated working group in collaboration with the Hong Kong Police Force
(HKPF).

A
Joint Effort to Bolster Vigilance and Enforcement

The
creation of this working group followed a high-level meeting between the two
organizations on September 28, 2023. Comprising representatives from the HKPF’s
Commercial Crime Bureau, Cyber Security and Technology Crime Bureau, Financial
Intelligence and Investigations Bureau, as well as the SFC’s Enforcement
Division and Intermediaries Division, this partnership is poised to enhance
vigilance and enforcement in the virtual asset trading sphere.

The
objectives of the working group are as follows:

  • Facilitate
    Information Sharing:
    The group aims to streamline the exchange of information related to suspicious
    activities and breaches associated with VATPs. This collaborative effort will
    enable swift responses to emerging threats.
  • Risk
    Assessment:
    Implementing a mechanism to assess the risks posed by suspicious VATPs is a key
    focus. This proactive approach will aid in identifying and mitigating potential
    issues promptly.
  • Enhanced
    Coordination:
    The working group is dedicated to improving coordination and collaboration in
    investigations linked to virtual asset trading platforms. By pooling resources
    and expertise, the partnership seeks to secure the regulatory framework
    surrounding VATPs.

Safeguarding
Investors in the Virtual Asset Trading Sector

Eve Chung, the Assistant Commissioner of Police (Crime), expressed the significance
of this new collaboration and stated: „The implementation of the new
platform between the Police and the SFC is instrumental to fast-tracking vital
intelligence exchange and joint collaboration in responses to the challenges
arising from VATPs, so as to better protect the general public of Hong
Kong.”

This
partnership marks a significant step forward in the fight against illicit activities
within the virtual asset trading
sector. It underscores the commitment of regulatory and law enforcement authorities
in Hong Kong to safeguard investors and maintain the integrity of the financial ecosystem.

Christopher Wilson, the SFC’s Executive Director of Enforcement, emphasized the
longstanding cooperation between the SFC and the Police and the prospects of
even closer collaboration.

He
noted: „We have always valued our working relationship with the Police, and
we look forward to our even closer collaboration in deploying our respective
expertise and resources in combatting problematic VATPs and protecting the
interests of investors.”

This article was written by Tareq Sikder at www.financemagnates.com.

About Post Author

admin

przegrywanie wszystkich formatów audio i kaset wideo swiata fotolab zapraszamy | na tej stronie | dowiedz sie więcej o rozwód wrocław adwokat pomoge ci osiągnąć więcej | google ads cennik Katalog firm Baza przychodni weterynaryjnych Katalog stron PEKSI WP web site Katalog stron Osuszanie Wodzisław Śląski Internetowy sklep zoologiczny