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Hong Kong Tightens Scrutiny of Crypto Exchanges After JPEX Blowup

Hong Kong’s securities regulator and police force set up a task force to assist with the detection of suspicious activity at crypto exchanges, intensifying oversight of the industry after the blowup at the JPEX platform. The working group comprised of the city’s Securities and Futures Commission and law enforcement officials will “enhance collaboration in monitoring and investigating illegal activities related to virtual-asset trading platforms,” the financial watchdog said in a statement late Wednesday. The tie-up comes as Hong Kong grapples with the fallout from JPEX. The saga threatens to complicate Hong Kong’s push to develop a global home for the digital-asset industry in a bid to restore its image as a cutting-edge financial center.

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