来源：市场资讯 2023 年 9 月 22 日，Joseph Lam 就涉嫌 JPEX 加密货币欺诈案举行新闻发布会。照片来源：HKFP。 两年过去，2025 年 11 月 5 日，警方正式检控 16 人，包括林作、YouTuber 陈怡（Chan Wing-yee，粉丝 超 10 万），罪名涉串谋诈骗、洗钱及妨碍司法公正。其中 6 名为 JPEX 核心成员、7 名为 OTC 负责人 及 KOL、3 名为名义账户持有人。国际刑事警察组织（Interpol）对 3 名逃犯（27 岁的莫俊廷、30 岁的 张俊成和 28 岁的郭浩伦）发出国际刑警红色通缉令，他们被指为主脑，已逃往海外。截至目前该案累 计逮捕 80 人，受害者超 2700 人，损失逾 16 亿港元（约 2.06 亿美元），警方冻结资产 2.28 亿港元，包 括现金、金条、名车及虚拟资产。事件暴露了无牌平台推广乱象，并促使监管部门加强虚拟资产管制。 JPEX 的崛起与幻象：高回报、伪牌照与铺天盖地宣传 JPEX 成立于 2020 年，总部设于迪拜，自称 "面向全球的数字资产加密交易平台"。其在香港通过大量 广告投放（如地铁站、公交车身、购物中心外墙）推 ...

Group 1 - The company has entered into a conditional agreement to acquire approximately 5.56% of VAX Limited's shares for a total consideration of HKD 100 million, with HKD 24 million to be paid in cash and the remaining HKD 76 million through the issuance of convertible bonds [1] - VAX Limited operates a virtual asset trading platform and is licensed under the Securities and Futures Ordinance to conduct regulated activities in Hong Kong [1] - The acquisition is seen as a valuable investment opportunity that will enhance the company's virtual asset strategy and provide a regulated trading platform for potential Real World Asset (RWA) tokenization [2] Group 2 - The company aims to explore the development and opportunities of asset tokenization using blockchain technology, particularly focusing on the potential tokenization of physical gold, commodities, jewelry, and other precious metal products [2] - The recent developments in virtual asset regulation in Hong Kong and globally are viewed as significant, indicating substantial potential for the growth of virtual assets [2] - The collaboration with VAX Limited is expected to create synergies with the company's existing jewelry product business and enhance its overall virtual asset strategy [2]

Group 1 - The company has entered into a conditional agreement to acquire approximately 5.56% of VAX Limited's issued share capital for a total consideration of HKD 100 million, with HKD 24 million to be paid in cash and the remaining HKD 76 million through the issuance of convertible bonds [1] - VAX Limited operates a virtual asset trading platform and is licensed under the Securities and Futures Ordinance to conduct regulated activities in Hong Kong, including securities trading and automated trading services [1] - The acquisition is seen as a valuable investment opportunity that will enhance the company's virtual asset strategy, particularly in the context of recent developments in virtual asset regulation in Hong Kong and globally [2] Group 2 - The company aims to explore the development and opportunities of asset tokenization using blockchain technology, particularly for real-world assets (RWA) such as physical gold, commodities, and other precious metals [2] - The acquisition of VAX Limited is expected to create synergies with the company's existing jewelry product business and provide a regulated trading platform for potential RWA issuance in the future [2]

Core Points - The JPEX case is described as the largest virtual asset fraud case in Hong Kong's history, involving a significant number of victims and substantial financial losses [2][4] - The case has raised concerns about the regulation of over-the-counter (OTC) platforms and has been identified as a pivotal event for regulatory strengthening in the region [4][6] Summary by Sections Case Overview - JPEX, a virtual asset trading platform established in early 2020, claimed to offer low-risk investments with returns as high as 20% [2] - The platform utilized extensive advertising, including celebrity endorsements and social media promotions, to attract investors [2] Fraud Mechanism - Victims were lured into exchanging cash for stablecoins at OTC locations, which were then used to purchase JPEX's tokens, JPC [2] - After the platform's collapse, investors found it nearly impossible to withdraw their principal due to exorbitant withdrawal fees [2] Investigation and Legal Actions - As of early November 2023, over 2,700 victims reported losses exceeding 1.6 billion HKD, with 80 individuals arrested and assets worth 228 million HKD frozen [4][6] - The Hong Kong police have initiated legal proceedings against key figures involved, including core members of the criminal group and influencers who promoted JPEX [6] Regulatory Implications - The case has highlighted the need for stricter regulations on virtual asset trading platforms, particularly in the context of OTC services [4][5] - Following the incident, all virtual asset trading platforms in Hong Kong are now subject to local securities and anti-money laundering regulations [4] Victim Compensation - The frozen assets are significantly lower than the reported losses, leading to concerns about the recovery of funds for victims [8] - A recent civil case marked a significant step for victims seeking compensation, establishing a legal precedent for pursuing claims against JPEX and its affiliates [8]

Core Insights - Hong Kong's Securities and Futures Commission (SFC) is set to introduce two significant guidelines aimed at enhancing the virtual asset trading landscape, focusing on connecting licensed platforms to global liquidity and fully opening virtual assets to professional investors [1][5] Group 1: Regulatory Changes - The new regulations will allow local licensed virtual asset trading platforms to share liquidity pools with overseas platforms, addressing previous limitations in global liquidity and trading variety [1][4] - The requirement for virtual assets to have a 12-month trading record before being listed will be waived, although specific compliance measures will still be in place for retail investors [4][6] Group 2: Market Impact - The integration of a global order book will enhance market liquidity, reduce price volatility, and improve trading experiences for investors, making Hong Kong a more attractive hub for international capital [2][3] - The new guidelines are expected to facilitate the issuance and circulation of new products like tokenized securities and stablecoins, thereby strengthening the market foundation for these assets [3][5] Group 3: Strategic Positioning - The SFC's approach aims to balance innovation with regulatory stability, positioning Hong Kong as a competitive player in the global digital asset market while ensuring investor protection and market integrity [6]

Core Points - Hong Kong police have charged 16 individuals in connection with the JPEX virtual asset trading platform fraud case, which has been ongoing for two years [1][3] - The case has seen a total of 80 arrests, with the current charges including conspiracy to commit fraud, money laundering, and obstruction of justice [3][4] - The investigation revealed significant evidence through extensive analysis of transaction records and documents, leading to the prosecution of these individuals [3] Group 1 - The charged individuals include six core members of the group, seven related to over-the-counter cryptocurrency exchanges, and several internet celebrities [3] - The police have issued red notices for three key suspects who are currently at large, indicating the complexity and scale of the fraud [4] - The case involves over 2,700 victims and an estimated amount exceeding 1.6 billion HKD, highlighting the extensive impact of the fraud [4] Group 2 - The police have utilized a new legal framework effective from April 1, 2023, to prosecute certain individuals under the Anti-Money Laundering and Terrorist Financing Ordinance [4] - The JPEX platform was operating without the necessary licenses in Hong Kong, raising significant concerns about its business practices [4] - This prosecution marks the first phase of legal action, with the possibility of further charges as the investigation continues [4]

11月3日，香港证监会行政总裁梁凤仪在2025香港金融科技周上对记者表示，证监会将出台两份重要指 引，核心聚焦两大方向：一是助力香港持牌虚拟资产交易平台对接全球流动性，二是对面向专业投资者 的虚拟资产实现全面开放。 此外，海外平台需与香港本地平台建立信号互通系统，实时监测流动性有效性，确保交易安全。她提 到，这一流动性对接方案此前已在相关咨询文件中提出，是证监会推进虚拟资产市场发展的核心举措之 一。 在虚拟资产准入规则优化方面，梁凤仪介绍，此前香港虚拟资产交易平台若想上线某一虚拟资产，需该 资产具备 12 个月交易记录，而新指引将全面免除这一要求，"这将拓宽可对专业投资者开放的虚拟资产 范围，为专业投资者提供更多元的投资选择。" 不过梁凤仪明确，针对散户投资者，虚拟资产上线供公众交易前，仍需满足特定合规要求，确保散户投 资安全。此外，"免除 12 个月交易记录"的宽松政策，同样适用于未来经香港金融管理局核准的相关机 构及业务，进一步扩大政策覆盖范围。 为推动虚拟资产市场进一步发展，梁凤仪表示，证监会允许当前受监管的主流虚拟资产交易平台，与关 联的海外平台共用全球订单簿。"这一调整意味着，香港投资者能直接利用海 ...

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is set to introduce two key guidelines aimed at enhancing the virtual asset market by allowing licensed virtual asset trading platforms to connect with global liquidity and fully opening up virtual assets to professional investors [2][3]. Group 1: Global Liquidity Access - The SFC's current regulatory framework for virtual asset trading platforms operates on a closed-loop trading model, which limits market liquidity and scale [2]. - The new guidelines will permit regulated virtual asset trading platforms in Hong Kong to share a global order book with associated overseas platforms, enabling local investors to access international liquidity and attract foreign capital to the Hong Kong market [2][3]. Group 2: Virtual Asset Admission Rules - The SFC will eliminate the previous requirement for virtual assets to have a 12-month trading record before being listed on trading platforms, thereby broadening the range of virtual assets available to professional investors [3][4]. - However, specific compliance requirements must still be met for retail investors before virtual assets can be made available for public trading, ensuring their safety [4].

Group 1 - The Hong Kong Securities and Futures Commission (SFC) has issued two new circulars outlining expectations for licensed virtual asset trading platform operators, marking a significant step towards connecting global liquidity and expanding product and service offerings [1][2] - One circular allows platform operators to merge trading instructions with affiliated overseas virtual asset trading platforms into a shared order book, aimed at attracting global platforms, trading flows, and liquidity providers [1] - This initiative is part of the ASPIRe roadmap's pillar A (Access), which is expected to enhance market liquidity and competitive pricing for Hong Kong investors while reducing additional risks under robust safeguards [1] Group 2 - The second circular permits platform operators to sell virtual assets without a 12-month track record to professional investors, as well as stablecoins licensed by the Hong Kong Monetary Authority, and to offer tokenized securities and digital asset-related investment products [2] - Additionally, affiliated entities of platform operators can provide custody services for virtual assets or tokenized securities not traded on the respective platforms [2] - The SFC's CEO emphasized that steadily expanding market liquidity and commercial products and services is crucial for the sustainable development of Hong Kong's digital asset ecosystem [2]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has issued two new circulars outlining expectations for licensed virtual asset trading platform operators, marking a significant step towards enhancing global liquidity access and expanding the range of products and services offered [1] Group 1: Regulatory Developments - The SFC allows platform operators to merge trading instructions with affiliated overseas virtual asset trading platforms into a shared order book, which is a key component of the ASPIR roadmap's pillar A (Access) aimed at attracting global platforms, trading volume, and liquidity providers [1] - This initiative is expected to enhance market liquidity and provide more competitive pricing for Hong Kong investors while reducing additional risks under robust safeguards [1] Group 2: Future Considerations - The SFC plans to explore the feasibility of allowing licensed brokers to transfer client trading instructions to regulated overseas liquidity pools within the same group, with potential further expansions of these arrangements [1] Group 3: Product and Service Expansion - In another circular, the SFC permits platform operators to offer virtual assets without a 12-month track record to professional investors and stablecoins licensed by the Hong Kong Monetary Authority, as well as to sell tokenized securities and digital asset-related investment products [1] - Additionally, affiliated entities of platform operators may provide custody services for virtual assets or tokenized securities not traded on the respective platforms [1]