​​JPEX scandal won’t hurt Hong Kong crypto vision: Financial Secretary

The Hong Kong government states the current $165 million alleged scandal including crypto exchange JPEX wont stifle its Web3 vision for the region. In a Nov. 2 keynote at Hong Kong Fintech Week, the areas Secretary for Financial Services and the Treasury Christopher Hui said the saga hasnt impacted the governments plan.” Weve been asked many times whether JPEX will affect our determination to grow the Web3 market– the answer is a clear no.” Hui was referring to the monetary scandal including the Dubai-based exchange JPEX, where 2,500 residents declare they were apparently defrauded, triggering the Securities and Futures Commission (SFC) to caution that JPEX was promoting its services locally without a license.Hong Kong stated it would tighten its crypto guidelines after JPEXs alleged actions. In addition, the SFC set up a job force with the police to handle illegal crypto exchange activities and upgraded its policies on crypto sales and requirements.Hui said “a lot of things are going on the regulative front”– part of the governments future Web3 regulatory structure plan sees the SFC releasing guidance on tokenized securities and the tokenization of SFC-authorized investment products.Hui discusses the federal governments prepare for its Web3 regulative structure. (Cointelegraph/Tom Mitchelhill) Crypto policies will likewise be expanded to cover buying and offering “beyond trades occurring on now-regulated trading platforms,” Hui said.Related: Hong Kong advances CBDC pilot, bringing e-HKD trials to phase 2A “much searched for” joint assessment on stablecoins by the Hong Kong Monetary Authority (HKMA) and the Financial Services and the Treasury Bureau is also set to drop soon, which will take feedback from a January HKMA discussion paper.Reports previously this year said the HKMA pressured banks to offer services to crypto business in the religious beliefs. Hui stated the HKMA will consult the sector on assistance for “banks supplying digital property custodial services.” Magazine: Chinese police vs. Web3, blockchain centralization continues: Asia Express