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<h2 id="header-0">Shift in Cryptocurrency Attitude Following JPEX Scandal in Hong Kong</h2><p>A recent survey highlights a marked shift in Hong Kong residents&#39; attitude towards cryptocurrency, following a significant scandal involving the JPEX <strong><a href="https://www.coingabbar.com/en/crypto-currency-news/cryptocurrency-as-new-payment-option-by-ferrari" rel="noopener noreferrer nofollow">cryptocurrency</a></strong> platform. The scandal has cast a shadow over Hong Kong&#39;s aspirations to become a global hub for the cryptocurrency industry.</p><h3 id="jpex-scandal-impacts-trust">JPEX Scandal Impacts Trust</h3><p>The JPEX platform was embroiled in a scam involving HK$1.57 billion (US$200.7 million), affecting thousands of investors. This led to one of the most high-profile enforcement actions in Hong Kong&#39;s virtual asset sector, with 28 individuals arrested last month. The platform had promised up to 20% returns through extensive media advertising, luring many local retail investors. However, following a public warning by Hong Kong&#39;s securities watchdog, JPEX abruptly halted customer withdrawals, causing significant losses for some retail customers.</p><p>The survey conducted by the Hong Kong University of Science and Technology (HKUST) School of Business and Management indicates a notable decline in trust and interest in cryptocurrency among Hong Kong residents between September and October. The data reveals that 41% of respondents now prefer not to hold virtual assets, a 12% increase compared to the start of the year. Furthermore, only 20% of surveyed individuals expressed a desire to hold crypto in the future, marking a 5% decline since the beginning of the year.</p><h4>Retail Investment in Crypto</h4><p>Despite the negative sentiment, cryptocurrencies and non-fungible tokens (<strong><a href="https://www.coingabbar.com/en/crypto-currency-news/nfts-the-future-of-art-and-digital-ownership-or-a-passing-fad" rel="noopener noreferrer nofollow">NFTs</a></strong>) continue to have a presence in Hong Kong. A separate survey by the Investor and Financial Education Council (IFEC) shows that 8% of retail investors in the city have invested in virtual assets, albeit only a 1% increase from 2019. Over half of the respondents voiced concerns regarding the lack of regulation in the industry, fearing potential fraud by investment platforms.</p><p>This changing attitude and the JPEX scandal underline the challenges faced by Hong Kong in its bid to establish a firm footing in the global cryptocurrency landscape.</p>

Hong Kong's Crypto Industry Faces Trust Crisis After JPEX Scandal

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