OKX Announces Withdrawal from Nigerian Market Amid Regulatory Crackdown • SEC Approves More Ether ETFs, Paving the Way for Expanded Trading • SFC Announces Definitive Timeline for Uncertificated Securities Market in Hong Kong • FTX and CFTC Agree to $12.7 Billion Settlement to Resolve Long-Standing Dispute • CFTC Issues No-Action Position on Swap Data Reporting for ForecastEx LLC
Hong Kong Police Arrest Suspects in JPEX Scandal

Hong Kong Police Arrest Suspects in JPEX Scandal

The Hong Kong police arrested eighteen individuals on charges of suspected fraud in connection with unlicensed crypto exchange JPEX. According to reports, the alleged fraud involved over 2000 victims and resulted in losses of more than HK$1.5 billion. This news followed the Hong Kong Securities and Futures Commission’s (SFC) releasing of two public warnings in September 2023 regarding JPEX’s false claims to be regulated and its involvement in prohibited activities. In this newsletter the details behind the scandal are explored and the current investigation and the potential ramifications of the situation are considered.

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HKMA Publishes 2023 Fintech Promotion Roadmap for Hong Kong

HKMA Publishes 2023 Fintech Promotion Roadmap for Hong Kong

Hong Kong is on track to become a global Fintech hub with the HKMA’s announcement of its 2023 Fintech Promotion Roadmap. This roadmap seeks to promote Fintech adoption in the wealth management, insurance and green investment sectors, and the initiative is further supported by the HKMA’s Tech Baseline Assessment and Fintech Adoption Study. In this newsletter the objectives, strategies and implications of the HKMA’s Fintech Promotion Roadmap and how it can help the financial services industry keep up with the rapidly evolving Fintech sector are all explored.

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SFC Warns Unlicensed Crypto Exchanges re. Improper Conduct

SFC Warns Unlicensed Crypto Exchanges re. Improper Conduct

There are a number of existing virtual asset trading platforms (VATPs) operating in Hong Kong. How do existing VATPs comply with Hong Kong’s 2023 AMLO licensing regime? In this newsletter we set out the transitional arrangements that have been put in place to help existing VATPs transition to the new regime, including the deeming arrangement that provides an opportunity for exchanges to become licensed from 31 May 2024. Read on to find out more.

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