The virtual asset trading platform suspected of fraud has received reports from a total of 2305 individuals, involving approximately 14.3 billion yuan as of Saturday (23rd). The incident has had far-reaching implications and has attracted widespread attention in society. I pointed out that the Securities and Futures Commission (SFC) only named JPEX and issued a warning to the public in the middle of this month, which was already too late and did not reduce investor losses. In fact, the SFC also has a responsibility to publish a list of virtual asset platforms under application, clearly disseminating information to the public to avoid investor misunderstandings.

The SFC held a press conference this morning to announce several measures to strengthen information dissemination and investor education, including:

1. Publishing multiple lists of virtual asset trading platforms to ensure clear, transparent, and timely information dissemination.
2. Optimizing and publishing a dedicated list of suspicious virtual asset trading platforms, which will be clearly displayed on the SFC website for easy reference, to help the public easily identify suspicious virtual asset trading platforms operating in Hong Kong and raise awareness.
3. The SFC and the Investor Education Centre are about to launch a series of public awareness campaigns to enhance anti-fraud awareness.
4. Within its statutory powers, the SFC will continue to strengthen intelligence gathering on various virtual asset-related businesses and follow up on and take legal action against suspected illegal virtual asset trading platforms. If necessary, cases will be referred to the police for handling.

I welcome and support the SFC's acceptance of my suggestions and the proposal of optimization measures.

In fact, virtual assets are a new phenomenon with vast development potential. Many policies and regulations need to be improved and supplemented. Therefore, I have also written to the Chairman of the Legislative Council's Panel on Financial Affairs, proposing the expeditious establishment of a Web3 and Virtual Asset Development Subcommittee. I hope that within the next twelve months, discussions and explorations on the development of Web3 and virtual assets, including reviewing existing regulations for any loopholes, such as the recent virtual asset trading platform "collapse" incidents, will be conducted. This includes researching optimization measures to ensure the sustainable and responsible development of Hong Kong's virtual asset industry, as well as discussing how to enhance protection for virtual asset investors and boost market confidence. I hope that Web3 and virtual assets will have better development in Hong Kong, allowing Hong Kong to achieve a leading position in the international virtual asset industry and further enhance its status as an international financial center.

Content source: Hong Kong Legislative Councilor Johnny NKC X

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