Dear JPEX users,
In response to the Hong Kong Securities and Futures Commission’s warning statement regarding unregulated virtual asset trading platforms issued on September 13, 2023, JPEX would like to provide the following clarification:
On February 23, 2023, JPEX issued an announcement titled “JPEX to Apply for the Latest Crypto Trading License in Hong Kong” JPEX to Apply for the Latest Crypto Trading License in Hong Kong – JPEX Blog (jp-ex.io)), indicating our intention and plans to apply for the crypto trading license in Hong Kong in response to the consultation initiated by the Securities and Futures Commission on whether licensed platform operators should provide services to retail investors and how to protect investors.
However, the platform has not yet provided any updates regarding the subsequent progress of the license application. This is primarily due to the time required for the deployment of the license application process and the preparation of legal documents. We need to formally submit the application and provide comprehensive information disclosure to our users. At this stage, the platform is still in the preparation phase and has not submitted the license application or made any official announcements regarding the application.
The statement by the Securities and Futures Commission contradicts the Hong Kong SAR government’s deliberate decision to position Hong Kong as a Web 3.0 hub. If the Securities and Futures Commission does not intend to create a crypto-friendly environment, Hong Kong’s path to becoming a Web 3.0 hub may be significantly delayed.
On May 19, 2023, JPEX released a future roadmap blueprint for the Greater China and Asia region (JPEX Asia’s Future Development Roadmap Released – JPEX Blog (jp-ex.io)), demonstrating our firm belief in the development of the blockchain market, with Hong Kong being a key focus. The platform is also actively participating in the TOKEN 2049 conference held in Singapore to discuss industry prospects with industry leaders.
We are determined to create an ideal Web 3.0 community and have consistently complied with regulations and licensing systems in different regions. However, the recent statement issued by the Securities and Futures Commission (SFC) of the Hong Kong Special Administrative Region (HKSAR) can be seen as exerting undue pressure on our platform, reflecting a lack of commitment to the true implementation of Web 3.0 policies in the cryptocurrency industry. The unfair suppression by the SFC has led us to consider withdrawing our license application in the Hong Kong region and adjust our future policy development accordingly. The SFC should also bear full responsibility for undermining the prospects of cryptocurrency development in Hong Kong.
Thank you for your support!
Sep 13, 2023