This Aug 21, 2019 photo shows the headquarters of the Hong Kong Police Force in Wan Chai, Hong Kong. (PHOTO / XINHUA)

HONG KONG – The Hong Kong Police Force and the Securities and Futures Commission have formed a dedicated working group to monitor and investigate illegal activities related to virtual asset trading platforms.

The working group was established after a high-level meeting on Sept 28 and will facilitate information sharing on suspicious VATP activities and crimes, police said in a statement on Wednesday night.

The working group's creation comes in the wake of the downfall of the unlicensed platform JPEX, which saw more than 2,300 users filing complaints and reporting losses of over HK$1.4 billion ($180 million)

"The implementation of the new platform between the police and the SFC is instrumental to fast-tracking of vital intelligence exchange and joint collaboration in response to the challenges arising from VATPs, so as to better protect the general public of Hong Kong," Eve Chung Wing-man, Assistant Commissioner of Police for Crime, was quoted as saying in the statement.

ALSO READ: HK, Macao police conduct joint operation over JPEX fraud

The working group will implement a mechanism to assess the risks of suspicious VATPs and enhance coordination and collaboration in investigations.

"We have always valued our working relationship with the police and we look forward to our even closer collaboration in deploying our respective expertise and resources in combatting problematic VATPs and protect the interest of investors," SFC Executive Director of Enforcement Christopher Wilson said.

The working group will include representatives from the HKPF’s Commercial Crime Bureau, Cyber Security and Technology Crime Bureau, Financial Intelligence and Investigations Bureau, and the SFC’s Enforcement Division and Intermediaries Division.

READ MORE: SFC to list suspicious platforms in wake of JPEX scandal

The working group's creation comes in the wake of the downfall of the unlicensed platform JPEX, which saw more than 2,300 users filing complaints and reporting losses of over HK$1.4 billion ($180 million).