**🌟 Exciting News Alert! 🌟 The Chief Executive of the Hong Kong Special Administrative Region, John Lee, is onboard with granting more powers to regulate crypto exchanges!**
🟢 Recently, John Lee responded to the investigation on the unlicensed virtual-asset trading platform Hounax.
➡️ During his address on November 27, Chief Executive John Lee focused on cracking down on unlicensed platforms to protect investors. He stressed the importance of government supervision and showed a willingness to work with regulators to grant extra powers if necessary to tackle unlicensed crypto exchanges.
📌 In his own words, 💬 “If it is necessary to provide power to regulatory agencies, the government will actively cooperate.”
⤵️ John Lee’s stance underlines the significance of government oversight in safeguarding investors and battling unlicensed platforms in the crypto realm, especially in light of recent incidents like the JPEX exchange scandal that resulted in significant losses and numerous arrests.
🟥 With 66 individuals arrested in connection with the JPEX scandal, local regulators in Hong Kong are stepping up crypto regulations to prevent future industry mishaps. Let’s stay tuned for more positive developments in the crypto regulatory space! 🚀✨