President Chen Bohui gave an interview to 21st Century Economic Report and expressed opinions on the incident involving the JPEX trading platform’s violation of confidentiality requirements.

The scam involving Hong Kong’s virtual trading platform, JPEX, is escalating. On the night of September 20th, the Hong Kong Securities and Futures Commission (SFC) issued another announcement, accusing JPEX of making false and misleading statements and revealing its breach of regulations, including the Securities and Futures Ordinance and anti-money laundering regulations, through confidential communications. The SFC emphasized that JPEX had never been in contact with them regarding a license application and had been under close scrutiny since March 2022, with investigations into their false statements and unlicensed activities. Due to suspicions of fraud, the case has been handed over to the police.

As of now, there have been a total of 2,086 reported victims, involving approximately HKD 1.3 billion in funds. The police have arrested 11 individuals related to the case and have requested telecommunications companies to block JPEX’s app and website.

Chen Bohui, President of the Asia Academy of Digital Economics in Singapore, stated to reporters from the 21st Century Economic Report that current legislation regarding web3 meets current regulatory needs. However, there is still room for improvement in promoting industry self-regulation and providing clarity to the public regarding web3.0

• https://m.21jingji.com/article/20230921/herald/3145b72ce98730505c165a2ff9848ca5.html

• https://m.21jingji.com/article/20230929/herald/ecb5f70055e08a8df8bb64203b6c150a.html

• https://mp.weixin.qq.com/s/MPmBHsmkndC3CKI5YuPnnQ