Hong Kong is constant its efforts to control crypto exchanges and crack down on these which might be fraudulent and unregistered within the particular administrative area (SAR) of China. The cryptocurrency market, at present valued at $2.60 trillion (roughly Rs. 2,16,86,900 crore), has attracted each respectable entrepreneurs and unscrupulous teams from world wide lately. New crypto exchanges have cropped up globally, making it difficult for buyers to know whether or not these platforms are real or designed to rip-off customers. Hong Kong goals to make sure that all exchanges working inside the area are respectable and registered with related authorities.
The Securities and Futures Commission (SFC) of Hong Kong just lately reminded current crypto exchanges working within the area that the deadline to use for an official operational licence had handed. After May 31, Hong Kong won’t permit crypto companies with out this permission to proceed.
A complete of twenty-two crypto buying and selling platforms in Hong Kong utilized to obtain this the licence in current months. These embody Hing Kong BGE Limited, Victory Fintech Company Limited, and DFX Labs amongst others, in response to a CoinTelegraph report.
On the sidelines of authorities rising oversight over crypto exchanges, the SFC has expressed its issues with one explicit platform — HKCEXP. The authorities have warned folks towards partaking with this platform as it’s suspected to be a part of ongoing crypto frauds.
The HKCEP has reportedly misled buyers, falsely claiming to be registered with the SFC, the fee said in a press launch on Monday.
The SFC blocked a lot of non-compliant crypto platforms in March. In order to maintain its residents privy to licenced platforms, Hong Kong has determined to keep up this listing on its web site.
The authorities of India has additionally incorporated related measures to safeguard its investor group towards scams and monetary thefts. In December 2023, the Financial Intelligence Unit India (FIU) issued present trigger notices to 9 offshore firms asking them to proof that they had been following all of India’s guidelines. These corporations embody Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
In India, all crypto-related corporations are required to observe the Anti-Money Laundering and Counter-Financing of Terrorism (AML-CFT) framework. Both of those legal guidelines fall underneath the provisions of the Prevention of Money Laundering Act (PMLA) Act.
