Wu Jiezhang is leading the provision of pro bono legal services for JPEX victims and suggests that the Securities and Futures Commission establish a research group as soon as possible to achieve a balance in the development and regulation of Web3

ChainCatcher news, according to Sing Tao Global, Hong Kong Legislative Council member Wu Jietzhuang stated that in the past few weeks, together with other volunteer lawyers, he has provided pro bono legal services for about 100 JPEX victims. He mentioned that some victims are seeking self-help through various methods, including civil lawsuits, pursuing compensation from the involved money exchange shops or KOLs, and considering collective action with other victims affected by the same money exchange shop. However, due to the varying amounts involved, ranging from hundreds of thousands to over a million, and the sensitivity regarding legal fees, they are still seeking legal advice and have not yet made a final decision.

Additionally, Wu Jietzhuang pointed out that cryptocurrencies and other virtual assets are relatively new phenomena, and the third generation of the internet (Web3) is the future development direction for Hong Kong. As new products and investment opportunities emerge, there should be an enhancement in corresponding investor education to prevent fraud. He further noted that in the past, various virtual investment products have become tools for scams, and there may be other types of fraud in the future, hoping for government improvements. He continued to say that the Securities and Futures Commission responded quickly this time, but there is still room for improvement, suggesting the establishment of a research group as soon as possible to achieve a balance in the development, regulation, and investor protection of the third generation of the internet and virtual assets.