JPEX Scandal Won’t Deter Hong Kong’s Web3 Market Development, Says Treasury Secretary Amidst the
$213 million scandal involving the cryptocurrency exchange JPEX, the Hong Kong government
has maintained its commitment to advancing its Web3 vision for the region. Christopher Hui, the Secretary for Financial Services and the Treasury of Hong Kong, assured the city’s vision
to develop the web3 market during a keynote address at Hong Kong Fintech Week on November 2. Hui emphasized that the recent controversy
surrounding JPEX would not deter the government’s determination to foster growth in the Web3 market. The JPEX scandal revolves around a financial scandal involving the Dubai-based exchange, which has faced allegations of defrauding
2,500 locals. The scandal
has balloned up to $213 million since it was uncovered in late September. This prompted the Securities and Futures Commission
(SFC) to issue a warning that JPEX was promoting its services locally without a license.
In response to the alleged actions of the JPEX scandal, Hong Kong has vowed to tighten its cryptocurrency regulations.
