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Letters | JPEX scam sounds alarm on need to tighten regulation and speed up investor education
- Readers discuss the flaws in the city’s cryptocurrency landscape that must be addressed, an opportunity to commemorate a legendary Colombian artist, and unsafe driving in the city
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The recent JPEX scam has sent shock waves through Hong Kong’s cryptocurrency landscape, raising questions about the regulatory framework for the sector and leaving us questioning the city’s commitment to Web3 principles. As investors grapple with the freezing of funds, amid allegations of fraud and subsequent arrests, it has become painfully clear that Hong Kong’s crypto landscape has fallen short of the ideals of transparency, decentralisation and user empowerment that underpin the Web3 movement.
Hong Kong should re-evaluate its approach, take decisive steps to restore trust and align its policies with the core tenets of a decentralised future.
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The JPEX scam serves as a resounding wake-up call on the urgent need to ensure that only reputable and compliant platforms can cater to Hong Kong’s crypto enthusiasts. The authorities’ delayed intervention and the subsequent freezing of funds have left us scratching our heads and wondering if anyone is keeping an eye on things. Regulators must step up their game and demonstrate a proactive approach to identifying and addressing potential scams.
While Chief Executive John Lee Ka-chiu emphasised the importance of investor education, the JPEX scam has shown us just how clueless some investors can be about the risks associated with crypto. They quickly fall prey to unlicensed platforms and misleading promotions.
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The government should launch educational campaigns so that individuals have the necessary knowledge about crypto investments, security measures and licensed platforms. Ignorance might be bliss, but not when it comes to safeguarding our financial future.
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