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Letter: JPEX scam highlights need to tighten regulation and speed up investor education

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LettersJPEX 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 cityHong Kong economyLettersPublished: 11:30am, 22 Sep, 2023Why you can trust SCMP

Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at [email protected] or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification.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.

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.

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