Hong Kong Legislative Council Member Wu Kit-chuang: The JPEX case as a single incident will not affect Hong Kong’s overall encryption regulatory policy

According to ChainCatcher news, many people in the industry are worried that the recent case of Hong Kong’s unlicensed crypto exchage JPEX will lead to more cautious Hong Kong’s encryption regulatory policies. Hong Kong Legislative Council member Wu Jiezhuang responded in an interview with ChainCatcher: “The JPEX case is a single incident. It will not affect Hong Kong's encryption regulatory policy as a whole. The JPEX case has not yet been adjudicated. It only shows that the exchange has suspicions and possibilities of fraud and may not involve the encryption trading business. I and the leaders of the government departments also expressed this We have communicated with each other, and they also believe that the JPEX incident will not have much impact on the overall policy. Instead, they believe that this incident is a good education for investors, and they must trade on a licensed exchange to ensure the safety of assets." In addition, Representative Wu Jiezhuang also mentioned that the JPEX case also highlighted some loopholes in the current supervision. For example, offline cryptocurrency exchange shops have not yet been included in the supervision. This is something that the government needs to improve in the future. In addition, the government discloses suspicious information as early as possible and reminds users in a timely manner to minimize user losses.