Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, told attendees at HK Fintech Week that the JPEX scandal won’t stifle its crypto plans.
Christopher Hui took the stage at Fintech Week and outlined a list of regulatory moves Hong Kong authorities are looking to implement following the JPEX scandal.The Hong Kong government says the recent $165 million alleged scandal involving crypto exchange JPEX won’t stifle its Web3 vision for the region.
In a Nov. 2 keynote at Hong Kong Fintech Week, the region’s Secretary for Financial Services and the Treasury Christopher Hui said the saga hasn’t affected the government’s plan. “We’ve been asked many times whether JPEX will affect our determination to grow the Web3 market — the answer is a clear ‘no.’”
Hui was referring to the financial scandal involving the Dubai-based exchange JPEX, where 2,500 locals allege they were allegedly defrauded, prompting the Securities and Futures Commission to warn that JPEX wasHui said “a lot of things are going on on the regulatory front” — part of the government’s future Web3 regulatory framework plan sees the SFC issuing guidance on tokenized securities and the tokenization of SFC-authorized investment products.
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