Hong Kong is continuous its efforts to control crypto exchanges and crack down on these which are fraudulent and unregistered within the particular administrative area (SAR) of China. The cryptocurrency market, at the moment valued at $2.60 trillion (roughly Rs. 2,16,86,900 crore), has attracted each reliable entrepreneurs and unscrupulous teams from around the globe in recent times. 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 throughout the area are reliable and registered with related authorities.
The Securities and Futures Fee (SFC) of Hong Kong not too long ago reminded present crypto exchanges working within the area that the deadline to use for an official operational licence had handed. After Might 31, Hong Kong won’t enable 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 embrace Hing Kong BGE Restricted, Victory Fintech Firm Restricted, and DFX Labs amongst others, in response to a CoinTelegraph report.
On the sidelines of authorities growing 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 acknowledged in a press launch on Monday.
The SFC blocked quite a lot of non-compliant crypto platforms in March. To be able to hold its residents privy to licenced platforms, Hong Kong has determined to keep up this record on its web site.
The federal government of India has additionally included comparable measures to safeguard its investor neighborhood towards scams and monetary thefts. In December 2023, the Monetary 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 embrace Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC International, and Bitfinex.
In India, all crypto-related corporations are required to observe the Anti-Cash Laundering and Counter-Financing of Terrorism (AML-CFT) framework. Each of those legal guidelines fall beneath the provisions of the Prevention of Cash Laundering Act (PMLA) Act.