Hong Kong Launches War Against Crypto Crimes

The Financial Supervisory Board of Hong Kong has said that it will battle illicit digital currencies and extend its control over crypto commodities and illegal digital currency operations in the country. Hong Kong’s Securities Regulatory Commission (SRC) assistant chief executive Liang Fengiy claimed that there are several examples of crypto commodities scams in the industry. Hong Kong’s SRC has no authority over digital currencies or crypto commodities generally, yet traders are in danger of losing money due to theft.

Hong Kung securities regulators feel they must broaden the scope of oversight, or licensing may be used to deal with the problem. “The global central bank has again implemented quantitative easing measures,” Hong Kong Securities Regulatory Commission Chief Executive Officer Oudari told reporters.

They are eagerly awaiting market oversight and the beginning of licensing businesses and projects to give them lawful operation. As part of its efforts to clamp down on unauthorized digital currency trading, the SRC hopes to encourage digital currency enthusiasts to learn about financial matters.

“We must clamp down on unauthorized digital currency exchanges and improve user awareness,” Oudari added. For its part, the Securities and Exchange Commission (SEC) continues to improve its oversight of OTC derivatives and plans to create a trade database soon to manage information. She said that the “Sing High Bulk” organization, which has previously been targeted by the police, will keep educating the public on investing awareness and social media safety.

Also, the SRC will create a functional system, which will be used to record and monitor illicit operations that are being used to transfer funds or to support criminal operations. After a previous crackdown by the Hong Kong authorities, the Sing Gao Bulk market-making gang was arrested and more than HK$900 million in property was taken.

“The Global Central Bank’s monetary stimulus program has been in place since the beginning of the epidemic last year,” stated the Head of the Hong Kong’s Securities Regulatory Commission. This type of strategy often increases the value of both the equity and electronic financial institutions.

 

Difficulties Fraud Victims Face

A default judgment was issued to electronic mail scammers by the Hong Kong Court of First Instance in Edison Norge As v. BZZ Ltd [2021] HKCFI 135 but the declaratory remedy sought was only partially obtained.

It was deemed more suitable to provide complainant interest at the HSBC par value with an additional one percent, instead of the rate due on the verdict, contrary to many other fraudulent instances. In this case, plaintiffs were unable to collect money by alleging a rightful claim over funds in an accused’s wallet. Those seeking declarative action should not assume the court will simply sign a non-contested petition.

Where there is insufficient formal proof of tracking, the court will not be willing to make any conclusions in favor of the plaintiff. Fraud prevention calls for swift and brutal measures. The most suitable kind of remedy may vary from case to case based on the details and the information that is available to the court.