Public angle towards cryptocurrency in Hong Kong has taken a dive following the JPEX crypto trade scandal, in keeping with the preliminary findings of a brand new survey.
The survey, performed by The Hong Kong College of Science and Know-how’s enterprise college, was to know how public attitudes towards digital belongings could 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 in opposition to an analogous survey performed between April and Could.
Whereas the survey interval is ready to finish on Oct. 20, the outcomes thus far discovered that 41% of respondents would favor to not maintain digital belongings — up 12 proportion factors from a examine performed in Could.
Solely 20% of respondents now need 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 latest JPEX scandal in Hong Kong has despatched shockwaves by means of the crypto neighborhood. A brand new survey exhibits the way it’s affecting belief within the digital asset area.
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 straight consult with JPEX in its report.
Professor Allen Huang, affiliate dean of HKUST’s enterprise college, mentioned the latest 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 turn out to be more and more part of the digital economic system, extra instructional initiatives are wanted to reinforce public understanding and consciousness of the dangers and potentials of this rising subject.”
HKUST’s enterprise college mentioned the survey aimed to gauge the attitudes and views of Hong Kong folks on digital asset funding based mostly on their experiences, intentions and regulatory safeguards.
Associated: JPEX crypto trade launches asset lock-up plan, some customers cry foul
5,700 folks aged 18 and above took half within the first survey, whereas 2,200 folks 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 mild 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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