{"id":2341,"date":"2023-10-17T10:25:45","date_gmt":"2023-10-17T10:25:45","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/jpex-scandal-dampens-hong-kongs-crypto-enthusiasm-survey\/"},"modified":"2023-10-17T10:25:46","modified_gmt":"2023-10-17T10:25:46","slug":"jpex-scandal-dampens-hong-kongs-crypto-enthusiasm-survey","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=2341","title":{"rendered":"JPEX Scandal Dampens Hong Kong’s Crypto Enthusiasm: Survey"},"content":{"rendered":"
\n

Attitudes toward crypto in Hong Kong have taken a hit, as a new survey reveals a growing aversion to virtual assets in the aftermath of the JPEX scandal.\u00a0<\/p>\n

This shift in sentiment poses significant challenges to Hong Kong’s aspirations to establish itself as a global hub for the cryptocurrency industry.<\/p>\n

The survey conducted by the School of Business and Management at the Hong Kong University of Science and Technology (HKUST) highlights a significant decline in trust and interest in cryptocurrencies among Hong Kong residents, South China Morning Post reported.\u00a0<\/p>\n

41% Hong Kong Residents Prefer Not to Hold Crypto<\/h2>\n

From September to October, 41% of respondents expressed a preference for not holding virtual assets, marking a 12% increase from earlier this year (April to May).<\/p>\n

In the wake of the JPEX scandal, only 20% of those surveyed in the current month indicated a desire to hold crypto in the future, representing a 5% drop from earlier this year.\u00a0<\/p>\n

This decline in enthusiasm can be attributed to the fallout from the allegedly fraudulent platform JPEX.<\/p>\n

The JPEX cryptocurrency platform was at the center of a financial scandal amounting to HK$1.57 billion (US$200.7 million) and involved thousands of victims.<\/p>\n

This scandal led to one of the most high-profile enforcement actions in Hong Kong’s virtual asset sector, resulting in the arrest of 28 individuals over the past month. The masterminds behind the scheme remain at large.<\/p>\n

JPEX had enticed numerous local retail investors through mass media advertisements, promising exceptionally high yields of up to 20%. However, the platform abruptly halted customer withdrawals last month following a public warning issued by Hong Kong’s securities watchdog, citing “suspicious practices.” As a result, some retail customers lost their life savings.<\/p>\n

8% Retail Investors in Hong Kong Invested in Crypto<\/h2>\n

Virtual assets, including cryptocurrencies and non-fungible tokens (NFTs), had gained popularity in Hong Kong in recent years.\u00a0<\/p>\n

However, the lack of understanding and poor investment decisions among many people has been a recurring issue.\u00a0<\/p>\n

A survey conducted by the Investor and Financial Education Council (IFEC), a subsidiary of Hong Kong’s securities regulator, found that 8% of retail investors in the city bought virtual assets this year, a significant increase from the mere 1% reported in 2019.<\/p>\n

The IFEC survey also revealed that nearly three-quarters of investors engaged in virtual assets for short-term gains, driven by a fear of missing out on investment trends. However, their overconfidence in judgment regarding virtual assets was noted as a recurring concern.<\/p>\n

The latest HKUST surveys found that almost 70% of respondents, both in the current month and earlier this year, admitted to not understanding virtual assets “very well” or “at all.”\u00a0<\/p>\n

More than half of the respondents expressed concerns about the lack of regulation in the industry, fearing they could fall victim to fraud by investment platforms.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Attitudes toward crypto in Hong Kong have taken a hit, as a new survey reveals a growing aversion to virtual assets in…<\/p>\n","protected":false},"author":1,"featured_media":2342,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-2341","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"\nJPEX Scandal Dampens Hong Kong's Crypto Enthusiasm: Survey | inFundPros<\/title>\n<meta name=\"description\" content=\"Attitudes toward crypto in Hong Kong have taken a hit, as a new survey reveals a growing aversion to virtual assets in the aftermath of the JPEX\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=2341\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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