The Hong Kong Monetary Authority (HKMA), the special administrative region’s central bank, has issued a warning to users that crypto businesses presenting themselves as banks and using banking terminology could be violating the region’s banking laws.
In a press release, the HKMA said that the use of certain banking terms may be misleading the public, causing users to think that the crypto firms are authorized banks in Hong Kong. However, the central bank highlighted that under the region’s banking laws, only licensed institutions are allowed to carry out banking or deposit-taking businesses in Hong Kong.
The central bank warned the public that firms describing themselves with words like “crypto bank,” “digital asset bank,” and “crypto asset bank” or claims to be offering banking services or banking accounts may be breaking the law.
According to the HKMA, other than authorized institutions, it’s unlawful for persons or businesses to use the word “bank” in the name or descriptions of their companies. In addition, facilitating the taking of deposits without the proper license is also a violation of the law.
The HKMA reminded the public that crypto firms which are not banks are not supervised by the central bank. This means that funds placed within the so-called “crypto banks” are not protected by the region’s deposit protection scheme.
Hong Kong has recently been cracking down on violators of its licensing laws. On Sept. 15, the region’s Securities and Futures Commission (SFC) issued a warning against crypto exchange JPEX for allegedly promoting its products and services in Hong Kong without securing a license or applying for one.
Following the SFC’s warning, the exchange’s staff seemingly disappeared from its Token 2049 booth in Singapore. It also ramped up its withdrawal fees to up to 999 Tether (USDT), a move that tried to discourage users from retrieving their funds from the exchange.
MPs and peers could be forced to submit to criminal record checks under proposals submitted by a new Labour MP.
In a letter seen by Sky News, Jo White urged the leader of the Commons to examine whether a new committee set up to modernise parliament should force all new members to have checks due to their access to young and vulnerable people.
She suggests in-depth background checks by the Disclosure and Barring Service – commonly known as DBS checks – as the initial stages of introducing MPs to parliament.
Candidates are currently banned from running to be an MP if they have been jailed for more than a year in the UK.
However, there is no requirement for DBS checks, something most other jobs require when applying for positions working with vulnerable people.
Ms White previously submitted an early-day motion on this issue, with cross-party signatures including 13 other Labour MPs supporting her motion.
In her letter to the committee, the Bassetlaw MP writes: “It is a privilege that, as parliamentarians, we can work with local schools, care homes and hospitals, but we must be proactive in preserving this trust.
More from Politics
“Implementing a mandatory check would protect both the people we visit and ourselves. It would be key to maintaining public trust and high workplace standards across the estate and in our constituencies.”
DBS checks are standard practices for GPs, nurses, teachers and other professions. They let potential employers know if a candidate has a criminal record or is banned from working with children or vulnerable adults.
Many local authorities already run DBS checks on elected officials but it’s not standard practice in parliament.
Prospective MPs can stand for election despite having a criminal record or appearing on the child-barred list or adult-barred list unless they have served a prison term over 12 months.
In fact, they do not need to disclose any criminal behaviour to the public prior to becoming a candidate.
The main vetting process before entering the House of Commons is done through political parties, who set their own rules for carrying out any such checks.
None of the Reform UK MPs have signed the early-day motion and leader Nigel Farage said last election there was “no vetting” of candidates.
The creation of a modernisation committee was a Labour manifesto promise and now sits as a cross-party group tasked with reforming House of Commons procedures and improving standards.
The committee said it would not be commenting on submissions until it’s had time to fully consider all options, but is due to publish an initial report early this year.
Nigel Farage has said Tommy Robinson “won’t be” joining Reform UK after Elon Musk showed support for the jailed far-right activist on social media.
The billionaire owner of X, who has spoken positively about Reform UK and is reportedly considering making a donation to the party, has been critical of the government’s handling of child sexual exploitation across a number of towns and cities more than a decade ago.
Mr Musk endorsed the far-right activist and claimed Robinson was “telling the truth” about grooming gangs, writing on X: “Free Tommy Robinson”.
Speaking to broadcasters ahead of the start of Reform UK’s East Midlands Conference tonight, party leader Mr Farage did not directly address Mr Musk’s comments, but said: “He has a whole range of opinions, some of which I agree with very strongly, and others of which I’m more reticent about.”
He went on to say that having Mr Musk’s support is “very helpful to our cause”, describing him as “an absolute hero figure, particularly to young people in this country”.
He continued: “Everyone says, well, what about his comments on Tommy Robinson? Look, my position is perfectly clear on that. I never wanted Tommy Robinson to join UKIP, I don’t want him to join Reform UK, and he won’t be.”
Later on GB News, Mr Farage added that Mr Musk “sees Robinson as one of these people that fought against the grooming gangs”.
“But of course the truth is Tommy Robinson’s in prison not for that, but for contempt of court,” he said.
Mr Farage added: “We’re a political party aiming to win the next general election. He’s not what we need.”
How did Elon Musk become involved?
The online campaign from Mr Musk began after it emerged that Home Office minister Jess Phillips had denied requests from Oldham Council to lead a public inquiry into child sexual exploitation in the borough, as the Conservatives had done in 2022.
In a letter to the authority in Greater Manchester, Ms Phillips said she believes it is “for Oldham Council alone to decide to commission an inquiry into child sexual exploitation locally, rather than for the government to intervene”.
An Oldham Council spokesman previously said: “Survivors sit at the heart of our work to end child sexual exploitation. Whatever happens in terms of future inquiries, we have promised them that their wishes will be paramount, and we will not renege on that pledge.”
Mr Musk posted on X multiple times about the scandal, and claimed Sir Keir Starmer had failed to bring “rape gangs” to justice when he led the Crown Prosecution Service (CPS). In 2013, Sir Keir introduced new guidelines for how child sexual abuse victims should be treated and how a case should be built and presented in court.
The SpaceX and Tesla boss also endorsed posts about Robinson.