Crypto exchange grace period to remain unchanged in Hong Kong despite scandals
The recent JPEX and Hounax exchange scandals have resulted in losses exceeding $100 million. A one-year grace period for cryptocurrency exchange s operating in Hong Kong will remain in place despite recent scandals . According to local news reports on Nov. 27, Julia Leung, Hong Kong's Under Secretary for Financial Services and the Treasury, stated, "Even if the grace period ends tomorrow, fraud will still occur, so there is no intention to modify the grace period and other measures for the time being." As per new regulations introduced in June, crypto exchanges operating in Hong Kong must apply for a Virtual Asset Service Provider (VASP) license with the city's Securities & Futures Commission by June 2024 or face deregistration. However, unregistered exchanges can operate in the city during the interim transition period. Several crypto scandals have rocked the special administrative region recently. In September, Hong Kong crypto exchange JPEX, which was un...