The JPEX virtual currency investment fraud case has entered judicial proceedings, with multiple defendants involved brought before the court recently. Secretary for Financial Services and the Treasury, Christopher Hui, stated today (Nov. 8) that technological development involves ambiguity, and investors must always remain vigilant.
Speaking on a radio program, Hui mentioned that as the market continuously evolves, any service or product in the process is bound to attract potential bad actors. Regulatory efforts in this regard must keep pace with the times, while also ensuring investor protection and education. Investors need to understand the services or products they are purchasing and should be cautious when something seems "too good to be true."
Hui noted that the tenth edition of Hong Kong FinTech Week, which concluded yesterday (Nov. 7), has highlighted significant changes in the city's fintech ecosystem in recent years. The number of fintech companies in Hong Kong has reached approximately 1,200, a 10% increase compared to last year. Additionally, the Hong Kong Monetary Authority (HKMA) has received 36 stablecoin license applications.
"These applications come from enterprises with diverse backgrounds, and the process is proceeding as planned in an orderly manner... Licenses are expected to be issued early next year."
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