{"id":178173,"date":"2023-10-20T23:56:54","date_gmt":"2023-10-20T18:26:54","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=178173"},"modified":"2023-10-20T23:56:54","modified_gmt":"2023-10-20T18:26:54","slug":"hong-kongs-sfc-tightens-crypto-regulations-post-jpex-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/hong-kongs-sfc-tightens-crypto-regulations-post-jpex-crypto-news\/","title":{"rendered":"Hong Kong’s SFC Tightens Crypto Regulations Post-JPEX – Crypto News"},"content":{"rendered":"

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The Securities and Futures Commission (SFC) of Hong Kong unveiled <\/span>updated policies<\/span><\/a> on virtual currency dealings. The new guidelines promise increased monitoring, citing developing market patterns and comments from industry insiders. Furthermore, these regulation changes come on the heels of a significant crypto exchange catastrophe.<\/span><\/p>\n

SFC Tightens Rules for Crypto Offerings<\/strong><\/h2>\n

Under these revamped <\/span>guidelines<\/span><\/a>, specific virtual currency offerings will exclusively cater to professional investors. Furthermore, the SFC emphasized the crucial role of intermediaries in the crypto domain. Before conducting any transactions, these intermediaries should ascertain whether their clients know enough about investing in virtual assets.<\/span><\/p>\n

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The SFC voiced concerns over the varying global regulatory framework. \u201cAlthough virtual assets are gaining traction in select global quarters, the overarching regulatory milieu remains disparate,\u201d the commission remarked. Consequently, the inherent risks pinpointed by the SFC in 2018 persist.<\/span><\/p>\n

Significantly, the new stipulations categorize virtual assets as \u201ccomplex products\u201d within the SFC\u2019s purview. This categorization means they will follow the same regulatory procedures as their financial counterparts. Besides, the SFC specifically cited crypto exchange-traded funds and products from outside Hong Kong\u2019s jurisdiction as examples of these complex products.<\/span><\/p>\n

Recent Controversies and Forward Moves<\/h2>\n

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The JPEX crypto exchange <\/span>scandal<\/span><\/a> still overshadows many of Hong Kong\u2019s crypto enthusiasts. Last month, startling revelations saw the SFC inundated with over 1,000 complaints against JPEX. Distraught users alleged losses amounting to a staggering sum. Consequently, local authorities <\/span>apprehended<\/span><\/a> six individuals linked to JPEX charged with helming an unauthorized crypto platform.<\/span><\/p>\n

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Although it\u2019s still ambiguous whether this policy overhaul is a direct repercussion of the JPEX fiasco, the SFC had previously pledged to ramp up measures ensuring crypto investors remain abreast of potential hazards. Additionally, October witnessed the formation of a joint task force comprising the Hong Kong Police Force and the SFC to oversee and probe any illicit undertakings related to digital currencies.<\/span><\/p>\n

Read Also:<\/b> FTX Customers Targeted for Fake Priority Withdrawal<\/span><\/a><\/p>\n

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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The Securities and Futures Commission (SFC) of Hong Kong unveiled updated policies on virtual currency dealings. The new guidelines promise increased monitoring, citing developing market patterns and comments from industry insiders. Furthermore, these regulation changes come on the heels of a significant crypto exchange catastrophe. SFC Tightens Rules for Crypto Offerings Under these revamped guidelines, […]<\/p>\n","protected":false},"author":2,"featured_media":157647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-178173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=178173"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178173\/revisions"}],"predecessor-version":[{"id":178175,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178173\/revisions\/178175"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/157647"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=178173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=178173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=178173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}