The virtual asset trading platform JPEX is involved in illegal operations, and the outside world is concerned about whether the supervision of the CSRC is sufficient. Ng Kit Chuang, a member of the Legislative Council who contacted the bitter owners, pointed out that there was a lot of evidence to collect during the period from July last year to June this year, and believed that it was too late for the SFC to investigate the JPEX by the middle of this month, and the SFC should issue a statement as soon as possible to reduce investor losses. Another MP, Lam Kin-fung, pointed out that many KOLs have come out to promote different products, including health products and financial products, but he pointed out that "there are many KOLs who believe that they are completely ignorant of what they are talking about", which may be misleading, so they think that there must be regulation.

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Wu Jiezhuang said on a radio program that most of the victims he contacted were young people, professionals and college students, who mainly believed in online KOL propaganda and had received so-called investment training in off-market money changers, and some of them used cash to buy virtual currency without receipts, describing the situation as surprising.

Wu pointed out that licensed exchanges will separate working capital from investors, and investors should invest in licensed platforms. Lam Kin-fung, chairman of the Legislative Council's Financial Affairs Committee, pointed out that the SFC often uses terminology to publicize, but the public is not clear about it, and believes that it should be explained in simple and clear words.

Some investors believe that the CSRC pointed out that the virtual asset trading platform JPEX was suspicious, and then the incident continued to ferment, and the platform failed to withdraw funds. LegCo member Wong Chun-shuk pointed out that some friends continue to believe that there is no problem in investing in the platform, believing that they are not suffering and that the platform launched the "DAO Stakeholder Dividend Plan" earlier, and issued a statement every night to make investors continue to believe in the platform.

Wong Chunshuo pointed out that in the past, the SFC only stressed that investors should be careful and not careful in publicity and education, and also believed that the SFC should improve cooperation with the police and speed up law enforcement when handling cases involving criminal offences. Mr Lam pointed out that the incident reflected the government's deficiencies in both regulatory platforms and educational publicity, and that the committee would discuss virtual asset regulation next month and invite officials to attend.

"Virtual currency" three regardless of Wong Chun Shuo advocated joint action of institutions

Under the Anti-Money Laundering Ordinance, money changers are regulated by the Customs and Excise Department, but since virtual currency is not regarded as currency in Hong Kong, but more as a commodity, OTC money changers dealing in virtual currency have become a "three-way zone". Wong pointed out that each institution has its own regulatory scope, and how to strengthen collaboration is an important issue, and suggested that one agency will take the lead in eliminating related fraud cases in the future.

LJ: There are a lot of people I believe that KOLs are completely ignorant of what they are talking about

Lam Kin-fung, a member of the Legislative Council (Business One), who is also a member of the Guild, pointed out that there are cases of online fraud all over the world, and Hong Kong needs to review the existing legislation, and various departments should not "sweep the snow in front of their own doors", but should keep pace with the times and amend them in a timely manner. He also pointed out that there are many KOLs promoting different products, including health products, financial products, etc., but "there are many KOLs who believe that they are completely ignorant of what they are talking about", which may be misleading, and he believes that there must be regulation.

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