Hong Kong's Financial Chief Vows Strong Action in JPEX Case

Hong Kong Financial Secretary Paul Chan Mo-po concluded his European visit and returned to Hong Kong in the afternoon. During his visit, he responded for the first time to the alleged fraud case involving the virtual asset trading platform JPEX. He acknowledged the announcement made earlier in the week by the Chief Executive of the Securities and Futures Commission (SFC), Ashley Alder. He noted that this incident serves as a reminder of the risks associated with trading on unlicensed virtual asset exchanges. While the Hong Kong SAR Government recognizes the significance of blockchain technology and financial innovation, it also emphasizes the importance of bringing third-generation internet-related businesses under appropriate regulation. Chan stressed that illegal activities of this nature will be dealt with severely and integrated into a suitable regulatory framework. The goal is to encourage the responsible and sustainable development of the industry, reflecting the government's policy direction.

Secretary for Security Chris Tang Ping-keung stated that the police have received 2,392 reports related to the case so far, with contact made with over 300 individuals. The total amount involved is nearly HK$1.5 billion. To date, 12 individuals have been arrested, with HK$8 million in cash seized and over HK$77 million in assets frozen, including properties and cryptocurrencies.