An estimated 41% of Hong Kong residents prefer not to hold virtual assets following the aftermath of the JPEX scandal cryptocurrency exchange, according to the preliminary findings of a survey conducted by the School of Business and Management of The Hong Kong University of Science and Technology.
See related article: Fake BlackRock ETF news prompts US$57 mln in Bitcoin long liquidations
Fast Facts
- This is a 12% increase from a previous survey by the university between April 24 and May 23, 2023, before unlicensed trading platform JPEX allegedly caused around US$154 million in losses to over 1,600 investors, marking the largest fraud case in Hong Kong.
- Among the 2,200 total respondents, 8% said they intend to invest in virtual assets said they will invest up to HK$50,000 (US$6,388) or less with a preference towards directly owning tokens or investing in exchange-traded funds (ETFs) as opposed to derivatives-based products.
- According to the survey, about 20% of the total 2,200 respondents said they would like to hold virtual assets in the future, a 5% drop from the previous survey.
- Only around 27% of respondents said they are currently holding or have held virtual assets in the past while 84% have heard of virtual assets.
- The survey was launched on Sept. 28 and will conclude on Oct. 20, 2023.
See related article: Binance users in Hong Kong hooked by US$450,000 phishing attacks
