March 27, 2024
Hong Kong's Crypto Sentiment Turns Negative Following JPEX Incident: Survey
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Hong Kong’s Crypto Sentiment Turns Negative Following JPEX Incident: Survey

Public sentiment towards cryptocurrency in Hong Kong has declined significantly in the wake of the JPEX crypto exchange scandal, according to preliminary findings from a survey conducted by The Hong Kong University of Science and Technology’s business school. The survey, which began on September 28, was designed to assess how the public’s attitudes toward virtual assets had been influenced by the JPEX scandal, which involved allegations of financial fraud on a cryptocurrency platform.

While the survey is ongoing and set to conclude on October 20, the initial results indicate that 41% of respondents now prefer not to hold virtual assets, marking a 12 percentage point increase from a survey conducted in May. Additionally, only 20% of respondents expressed an interest in holding virtual assets in the future, representing a 5 percentage point decrease from the earlier survey. These findings suggest that public sentiment toward the cryptocurrency industry in Hong Kong may be deteriorating.

The survey conducted by HKUST’s business school aimed to gauge the attitudes and views of Hong Kong residents regarding virtual asset investment, considering their experiences, intentions, and perceptions of regulatory safeguards. In the first survey, 5,700 participants aged 18 and above were involved, while the second survey, conducted between September 28 and October 5, included 2,200 respondents.

The JPEX crypto exchange scandal involved allegations of a $166 million fraud scheme and became publicly known over the course of several months before Hong Kong authorities announced an official investigation into the exchange. In response to this incident, the Hong Kong Police Force and the Securities and Futures Commission established a cryptocurrency-focused working group on October 5 to address illicit activities on cryptocurrency exchanges.

Image by qalebstudio on Freepik

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