A recent survey in Hong Kong reveals a significant shift in public sentiment toward virtual assets, driven by the JPEX scandal. The survey conducted by the Hong Kong University of Science and Technology (HKUST) found that 41% of respondents now prefer not to hold virtual assets, marking a 12% increase since April. In the wake of the JPEX scandal, only 20% expressed an interest in holding virtual assets in the future, down 5% from earlier this year.

JPEX, a fraudulent cryptocurrency platform, triggered a financial scandal of HK$1.57 billion and led to 28 arrests. The fallout has raised concerns about the city's efforts to embrace virtual assets and become a global hub for the industry.

While virtual assets have gained popularity, a lack of understanding and poor investment decisions among retail investors is evident. An Investor and Financial Education Council (IFEC) survey found that 8% of Hong Kong's retail investors bought virtual assets this year, up from 1% in 2019, with many driven by fear of missing out. The surveys also highlight a significant lack of understanding and concerns about regulation and fraud in the crypto space. #HongKong #VirtualAssets #CryptoSentiment #JPEX #CryptoHub