Public perspective in direction of cryptocurrency in Hong Kong has taken a dive following the JPEX crypto trade scandal, in line with the preliminary findings of a brand new survey.
The survey, carried out by The Hong Kong College of Science and Expertise’s enterprise faculty, was to know how public attitudes towards digital belongings might have been impacted by the JPEX scandal.
The survey was launched on Sept. 28, round 11 days after the allegations towards JPEX had been made public, with its outcomes in contrast towards the same survey carried out between April and Could.
Whereas the survey interval is ready to finish on Oct. 20, the outcomes to this point discovered 41% of respondents would like to not maintain digital belongings — up 12 proportion factors from a examine carried out in Could.
Solely 20% of respondents now wish to maintain digital belongings sooner or later, down 5 proportion factors from the sooner survey — one other signal that Hong Kongers’ sentiment towards the cryptocurrency business could also be souring.
The current JPEX scandal in Hong Kong has despatched shockwaves by way of the crypto neighborhood. A brand new survey reveals the way it’s affecting belief within the digital asset house.
Thread pic.twitter.com/pmbQdbFAND— tanjiro (@tanjiroNFTs) October 17, 2023
HKUST acknowledged the second survey got here within the “aftermath of an alleged monetary fraud” of a cryptocurrency platform final month however didn’t instantly confer with JPEX in its report.
Professor Allen Huang, Affiliate Dean of HKUST’s enterprise faculty, mentioned the current monetary incident has introduced extra public consideration to the cryptocurrency business, leading to a “extra conservative funding urge for food” of late. He added:
“As digital belongings change into more and more part of the digital economic system, extra instructional initiatives are wanted to boost public understanding and consciousness of the dangers and potentials of this rising discipline.”
HKUST’s enterprise faculty mentioned the survey aimed to gauge the attitudes and views of Hong Kong individuals on digital asset funding, primarily based on their experiences, intentions and regulatory safeguards.
Associated: JPEX crypto trade launches asset lock-up plan, some customers cry foul
5,700 individuals aged 18 and above took half within the first survey, whereas 2,200 individuals had been surveyed within the second survey between Sept. 28 and Oct. 5.
JPEX allegedly operated a $166 million fraud scheme, which unraveled over a number of months earlier than Hong Kong authorities publicly declared they had been investigating the trade.
In gentle of the JPEX saga, the Hong Kong Police Power and the Securities and Futures Fee arrange a cryptocurrency-focused working group on Oct. 5 to take care of illicit actions on exchanges.
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