Hong Kong Won’t Do What the USA Did for FTX: Statement from the President After the Stock Market Crisis

Hong Kong Leader Jhon Lee evaluated the scandals involving the cryptocurrency exchange JPEX as a sign that legislation on the cryptocurrency ecosystem is needed.

last week Hong Kong Securities and Futures Commission (SFC) Cryptocurrency exchange JPEX, which was warned by the company on the grounds that it was operating without a license and for which a person was subsequently arrested in the investigation launched on its behalf, caused a movement regarding cryptocurrency legislation in the country. Number of people arrested in JPEX investigation to six Hong Kong Leader upon emergence John Lee He touched upon the necessity of cryptocurrency legislation.

You are a local agency September 18 According to the news published on , the number of people arrested in connection with the JPEX investigation increased to six. In addition, fraud complaints made to the Hong Kong police to 1,408 and the amount represented by the complaints for $128 million was reported to have increased.

Hong Kong Leader Jhon Lee on this issue 19 September In a statement made on , he said that this incident is a sign that people who want to invest in crypto should choose cryptocurrency platforms licensed by SFC. sign said that. JPEX case in the country cryptocurrency legislation studies Lee expressed its impact on him with the following words:

The incident with JPEX actually reflects the necessity of an appropriate regulatory system for virtual asset trading.

Lee said that so that people cannot become a tool for such frauds and can analyze the security of the platforms. More work on investor education He added that they would make it happen.

Lee also emphasized that the immediate capture and punishment of the perpetrators involved in this incident is very important for establishing trust in this area.

Hong Kong police arrested a cryptocurrency influencer and former lawyer in connection with the JPEX incident on September 18. Joseph Lam He had arrested him.

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