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Revelations surrounding the JPEX crypto exchange incident have shifted public opinion on cryptocurrency in Hong Kong, a fresh study from The Hong Kong University of Science and Technology’s (HKUST) business school suggests.
The research, initiated on September 28, shortly after JPEX's controversial disclosures came to light, aimed to assess the impact of this event on the general public's stance on digital assets. Initial results from this study were juxtaposed against data from a similar inquiry conducted between April and May.
Although the current survey is scheduled to conclude on October 20, preliminary results indicate a decline in enthusiasm for virtual asset holdings. A notable 41% of participants expressed reservations about holding such assets, marking a 12-point increase from the May statistics. Furthermore, a mere 20% showcased interest in future virtual asset holdings, a dip of five percentage points compared to prior data.
This trend suggests a potential waning in confidence among Hong Kong residents towards the cryptocurrency sector. While the HKUST report acknowledges the influence of a recent financial discrepancy on a digital currency platform, it stops short of mentioning JPEX explicitly.
Offering insights on the findings, Professor Allen Huang, an esteemed member of HKUST’s business school, conveyed that the recent disruptions in the financial landscape have shed light on the cryptocurrency sector, spurring a shift towards "more cautious investment inclinations". He further highlighted the growing relevance of virtual assets in the digital domain, emphasizing the urgent need for educational measures to foster a comprehensive understanding of associated risks and prospects.
The HKUST research plans to capture the pulse of the Hong Kong public, focusing on their sentiments, intentions, and expectations regarding virtual asset ventures. The initial survey saw participation from 5,700 individuals aged 18 and above, with the follow-up study encompassing responses from 2,200 participants from September 28 to October 5.
The JPEX debacle, with allegations of a $166-million fraud, evolved over several months. Eventually, it triggered Hong Kong's regulatory bodies to launch an official probe.
In response, both the Hong Kong Police Force and the Securities and Futures Commission established a specialized unit on October 5 to address malpractices in digital exchanges.
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