Peoples Trust For Crypto Drops in Hong Kong After the JPEX Scam
After the JPEX scam, trust in crypto dropped in Hong Kong. A study shows changes in views, while the city updates its crypto rules.
The JPEX crypto scam in Hong Kong has led many to lose trust in crypto.
The Hong Kong University of Science and Technology shared a study on 17 October. It showed that many in Hong Kong now doubt crypto more than before.
In the last month, 41% of people showed interest in crypto. This is 12% more than earlier this year.
After the JPEX scam, only 20% said they'd consider having crypto in the future, which is 5% less than before.
This recent study started on 28 September and will finish on 20 October. By 5 October, 2,200 people had answered.
An earlier survey from 24 April – 23 May had 5,700 participants.
The big problem started in September. JPEX faced trouble when Hong Kong's finance watchdog warned about it.
JPEX first defended itself but soon after, police arrested some people linked to JPEX. However, the main people behind JPEX are still free.
To handle these issues, Hong Kong made a special group to focus on crypto.
Hong Kong has been changing its rules around crypto. In 2022, they made new guidelines and even planned for more open crypto activities.
By December 2022, new rules were set for crypto businesses. In 2023, plans were announced to let people easily use crypto platforms.
A 2022 report said Hong Kong was very ready for crypto, scoring 8.6 out of 10.
