Chen Zhongni, a member of the Legislative Council of the Democratic Alliance for the Betterment and Development of the Democratic Initiative, who is engaged in the financial investment industry, pointed out that the DAO shareholder dividend plan proposed by the virtual asset trading platform JPEX yesterday pointed out that virtual assets are a financial asset that can only be retrieved after a period of time, believing that like investing in unrated bonds, it is not certain whether the funds can be recovered in the future and how to taste them back. He is afraid to say that the platform cannot repay, but cautions investors to study its credit carefully.

JPEX advertising has been widely publicized in many large outdoor display placements. (JPEX webpage screenshot)

The virtual asset trading platform JPEX was accused of illegal operation by the Hong Kong Securities and Futures Commission, and the platform issued a statement refuting it for several days, the latest statement issued last night saying that the platform and the project team responded to the incident and will launch the "DAO Stakeholder Dividend Plan", which will distribute 49% DAO stakeholder dividends, with a total value of 4 million Tether (USDT) that can be subscribed and exchanged. Existing users can exchange DAO stakeholder dividends at a 1:1 ratio for assets currently deposited on the platform.

SOME MEDIA ALSO FOUND THAT JP-EX CRYPTO ASSET PLATFORM PTY LTD, A REGISTERED COMPANY LICENSED BY JPEX IN AUSTRALIA, HAD APPLIED TO THE LOCAL REGULATOR "AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION (ASIC)" FOR VOLUNTARY DEREGISTRATION THE DAY BEFORE (19TH), AND THE COMPANY'S ASSETS WERE WORTH LESS THAN $1,000 (ABOUT HKD 5,080).

Wong advises investors to seek professional assistance in seeking assistance in seeking a claim in Australia as soon as possible

Accounting MP Wong Chunshuo said that taking Hong Kong as an example, a company's directors can only apply for deregistration if the company has no debts, etc., believing that Australian law is similar, and if the company is involved in litigation, it cannot be deregistered. As for whether the Australian company is preparing to flee with money, he pointed out that it depends on whether the local law enforcement or relevant departments know about JPEX in Hong Kong, or whether the local creditors have gone to court to recover, if so, in theory, the company cannot cancel the registration, and it is recommended that investors seek professionals to seek a claim in Australia as soon as possible before it officially deregisters to preserve the company's assets.

Chen Zhongni pointed out the principle of overall recovery of claims, most of the platforms are overseas, if it involves going to overseas countries to recover, it can be said that "recovery from across the mountain", to obtain information from the regulatory authorities of the country, the cooperation of the country is also required.

It is expected that the Financial Affairs Committee will insert an agenda to discuss the JPEX incident

Chan Chung-ni and Wong Chun-shuk, who are also members of the Financial Services Committee, together with another member of the DAB, Lee Wai-qiong, wrote to the Chairman of the Financial Services Committee, Lam Kin-fung, yesterday (20th) that they hoped to insert an agenda to discuss the JPEX incident at the Panel meeting to be held on 9 next month, and to enable officials of the Securities and Futures Commission to further explain to the Committee and the public how to avoid the recurrence of similar incidents under the existing legal framework.

Chen Zhongni pointed out that the incident is also urgent, and if there are no special circumstances, he boldly said that the agenda should be inserted, and the meeting should be held early next month, and the relevant officials should attend the committee to participate in the discussion.

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