BC Technology Group, the moms and dad business of Hong Kong’s openly noted crypto exchange platform OSL, kept in mind that Hong Kong regulators were promptly authorizing cryptocurrency items after the scandal that rocked the digital possession exchange JPEX.
Another fintech company specified that the involvement of banks in the virtual properties sector in Hong Kong will help with mass adoption and advancement.
Crypto Approvals Improve After JPEX, Says OSL Executive
While Hong Kong authorities have actually increased regulative examination on the regional market after the JPEX legend, it appears they have actually likewise sped up approvals of crypto-related items, according to Davin Wu, the primary monetary officer at BC Technology Group.
The JPEX mess began with a caution from the Hong Kong Securities and Futures Commission (SFC) in September 2023, mentioning that the crypto exchange made incorrect claims about its licensing status.
While the company rejected the accusations, JPEX ultimately closed down operations in Hong Kong, pointing out a liquidity crisis. The platform was likewise thought of carpet pulling and dealt with cash laundering allegations, with authorities making several arrests and performing seizures.
Wu, on the other hand, specified that the JPEX legend has actually triggered authorities to increase its tracking of non-compliant digital property trading platforms,
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