In recent news, Hong Kong is striving to establish itself as a hub for Web 3.0 technologies, including cryptocurrency trading, after China banned cryptocurrencies on the mainland in late 2021. The licensing requirement for platforms like JPEX is intended to ensure accountability and compensation, according to Francis Fong, honorary president of the Hong Kong Information Technology Federation.
However, experts in the digital economy have raised concerns that existing laws may not be sufficient to prevent illegal operations by virtual asset platforms and protect investors from losses. This has led to frustrations among investors, with some forming Facebook groups called "JPEX Sufferers."
JPEX, headquartered in Dubai, claims to be licensed for digital asset trading in the US, Canada, and Australia, but doubts have arisen regarding the authenticity of these licenses. Investigations have also revealed that its Hong Kong address is occupied by a co-working firm, raising questions about its legitimacy.
Despite having an office in Taiwan and employing popular influencer Nine Chen, JPEX faced regulatory scrutiny in Hong Kong for operating without a license. Mr. Chen expressed his willingness to cooperate with relevant investigations concerning the company.
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