Hong Kong Chief Executive Carrie Lam expresses concern over the JPEX case. The Securities and Futures Commission and the police will explain the situation this afternoon.

According to a report by Yahoo Hong Kong, Hong Kong Chief Executive Carrie Lam stated in a press conference today, 9/19, that she is concerned about the JPEX case and mentioned that the Securities and Futures Commission and the police will explain the situation in the afternoon.

Hong Kong Chief Executive - Carrie Lam: Effective Regulation Needed

Carrie Lam stated that the Hong Kong Special Administrative Region government's stance on virtual assets is to have "an effective regulatory system, transparent disclosure of information related to virtual assets, and to emphasize and promote investor education."

She believes that the JPEX incident highlights the importance of regulation, as investors must use regulated and licensed trading platforms and be aware of the risks associated with virtual assets.

Vitalik Buterin: Is Hong Kong Crypto-Friendly, and for How Long?

Despite Hong Kong having established a cryptocurrency regulatory framework, changes in its relationship with mainland China continue to influence its friendly attitude. Ethereum co-founder Vitalik Buterin commented on this at a summit in Singapore. He admitted to not knowing much about Hong Kong, let alone the recent complex interactions between Hong Kong and the mainland. "But the question I want to ask, and I think everyone wants to ask, is: How stable is the friendliness?"

Vitalik Buterin: Hong Kong is currently crypto-friendly, but how long will this stability last?

Following the formal outbreak of the JPEX incident, it remains to be seen if there will be any changes in Hong Kong's regulatory stance.