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Brian Young Appointed as United States Commodity Futures Trading Commission Director of Enforcement • Hong Kong SFC Convenes First Virtual Asset Consultative Panel Meeting to Develop Virtual Asset Regulatory Framework • BaFin Warns Consumers About Unauthorised Crypto Trading Bots Operating in Germany • Singapore to Establish New Payments Entity to Strengthen National Payment Schemes • India’s Union Budget 2025-26 Introduces Stricter Cryptocurrency Regulations and Compliance Measures
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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