After nearly four months since the JPEX incident in September, some Hong Kong cryptocurrency industry insiders have pointed out that the number of people trading virtual currencies has not decreased but rather increased. However, their attitudes have become more cautious compared to before, and they are asking more questions.
Hong Kong’s Securities and Futures Commission (SFC) has recently announced a list of nine “suspected cryptocurrency exchanges,” and the amount of money involved in the JPEX case has risen to HKD 1.61 billion.
In the aftermath of the JPEX incident, the number of people trading virtual currencies in Hong Kong has actually increased. According to a report by Hong Kong TVB, industry insiders have stated that the public’s understanding of virtual currencies has greatly increased after the JPEX incident, and people are even more actively participating in investments.
However, some JPEX investors have expressed that they are genuinely afraid of investing in cryptocurrencies and will avoid them in the future.
Licensed exchanges in Hong Kong that are authorized to provide services to retail investors have also reported a significant increase in the number of new accounts opened after the JPEX incident. This may be related to the SFC’s mention of JPEX’s lack of a license and emphasizing the high risks associated with unlicensed platforms. OSL’s Executive Director and Head of Regulatory Affairs, Dave Chapman, pointed out:
Some industry insiders have also noted an increase in the number of people signing up for cryptocurrency investment courses. In addition to wanting to make money, the public is also learning how not to be deceived, influenced by the JPEX incident. However, there are currently only two platforms licensed by the SFC, and there is a chance that some investors will still take risks and choose unlicensed platforms for investment.
Blockchain technology consultant Simon Lee has suggested that the SFC expand the types of tradable cryptocurrencies under controllable risks.
It is worth mentioning that the SFC has become more proactive in disclosing a list of suspicious trading platforms after the JPEX incident. Currently, in addition to the previous nine platforms, two more have been added in mid-December: BitBank and LonShiX.
The 11 virtual asset platforms currently listed as suspicious by the SFC are:
1. BitBank
2. LonShiX
3. Hong Kong Digital Research Institute
4. BitCuped
5. HOUNAX
6. FUBT Exchange
7. i) https://futu-pro.com; ii) https://futubit.com
8. EFSPD
9. JP-EX Crypto Asset Platform Pty Ltd
10. JPEX Technical Support Co. Pty Ltd
11. https://arrano.network
12. OSL Exchange
The Hong Kong government, in addition to prioritizing regulation of virtual asset exchanges, has also announced plans to regulate over-the-counter (OTC) cryptocurrency businesses that were involved in the JPEX case.
Hong Kong Financial Secretary Paul Chan stated in October that the government is considering amending the regulation of OTC cryptocurrency exchanges and formulating relevant regulatory arrangements. However, no timeline for the implementation of OTC regulations has been given.
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