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 suffering owners, pointed out that there was a lot of evidence to collect during the period from July last year to June this year, believing that it was too late for the SFC to investigate the naming of JPEX until the middle of this month, and that the SFC needed to issue a statement as soon as possible to reduce investors' losses, and questioned that the SFC's announcement of the list of virtual asset platforms in the application was easy to mislead the public.


Believe that online KOLs advertise that buying virtual currency with cash without receipt is surprising

Wu Jiezhuang said on a radio program that the vast majority 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.

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 he has friends who continue to believe that there is no problem in investing in the platform, and believes that he is not a bitter master, and the platform launched the "DAO Stakeholder Dividend Plan" earlier, and issued a statement every night to make investors continue to believe in the platform. Wu pointed out that licensed exchanges will separate working capital from investors, and investors should invest in licensed platforms.

Lin Jianfeng: It reflects that the government has deficiencies in supervision platforms and education publicity

Lam Kin-fung, chairman of the Legislative Council's Financial Affairs Committee, pointed out that the SFC often uses terminology to publicize, but the general public is not clear about it, and believes that it should be explained in simple and clear words.

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.

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.

Lam pointed out that there are online fraud cases all over the world, and Hong Kong needs to review the current legislation, and various departments should not "sweep the snow in front of their doors", but need to keep pace with the times and amend them in a timely manner. Ng Kit Chuang pointed out that the incident highlighted the lack of legislation, and mentioned that there is no legislation for stablecoins, and believes that the Hong Kong government should protect virtual assets from a macro perspective and not hinder the development of WEB 3.0 due to the incident.

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