《中国经济周刊》 记者 张燕
Chinese Economic Weekly, journalist Jang Yin.
“投资，岂止股票这么简单。” 过去两年多的时间里，写着这句广告词的绿色海报曾经遍布香港知名建筑的外墙、地铁站和公交车身上。海报中所呈现的JPEX自称是“一间持牌，并受认可的数字资产、虚拟货币平台”。除了本身的加密货币JPC之外，JPEX还提供多种加密货币理财产品，宣称收益率高达20%。
“Investment is as simple as the stock.” For more than two years, the green poster with this ad ad was on Hong Kong’s well-known exterior walls, subway stations, and buses. The poster presented JPX as “a licensed digital asset, a virtual money platform.” In addition to its own encrypted currency, JPEX also provided a variety of encrypted monetary property items, claiming a return of up to 20 per cent.
就是这样一个虚拟资产交易平台，近日来被香港警务处助理处长（刑事)钟咏敏形容为香港近年受害人最多、损失金额最大的诈骗案。香港警方最新公布的消息显示，截至10月5日，共有2528人报案，涉案金额高达15.57亿港元，共有26人被捕。多位香港明星、名人或KOL亦牵涉在内，包括知名艺人张智霖、庄思敏、郑秀熹等。
This is a virtual asset-trading platform that has recently been described by Hong Kong’s Assistant Commissioner of Police (Criminal Service) as one of Hong Kong’s most victims and the most costly frauds in recent years. According to the latest information released by the Hong Kong Police, a total of 2,528 people were reported as at 5 October, amounting to HK$ 1,557 million, and 26 people were arrested.
无牌经营、涉嫌诈骗，
unlicensed, suspected fraud,
网红平台是如何炼成的
how the web-based red platform is
就在一个月前，香港证监会突然点名JPEX，指出该平台涉嫌作出虚假及具误导性陈述和无牌活动。这也是自香港发布加密新规后，首个遭到红牌警告的虚拟资产交易所。在被点名后，JEPX声明称其“遭到了香港证监会的不公平打压”，但与此同时，有用户发现JPEX限制单次提现额度最高为1000 USDT（美元稳定币），并且每提取1000 USDT，用户需要支付高达999 USDT的手续费。不仅如此，链上数据显示，9月12日至21日，JPEX共转出5种加密货币，市值达到1.6799亿港元，明显做好了“跑路”的准备。
Just a month ago, the Hong Kong CSRC suddenly named JPEX, pointing out that the platform was suspected of making false and misleading statements and unlicensed activities. This was also the first virtual asset exchange to be warned of red cards since Hong Kong issued its new encryption code. After being named, JPX declared that it was “unfairly pressurized by the Hong Kong CSRC.” At the same time, users found that JPEX restricted the amount of single withdrawals to up to 1000 USDTs (US dollar-stabilized coins) and that for every 1000 USDTs, users had to pay up to 999 USDT charges.
在平台的介绍资料中，JEPX曾称其运营总部在迪拜，已经取得了加拿大MSB Fintrac牌照、澳大利亚ASIC许可的业务，以及美国FinCEN颁发的MSB金融牌照。但据香港媒体调查后发现，JPEX各地注册疑为“人头”登记，多个注册地实际负责人、办公地点始终未公开。
In the Platform’s presentation, JEPX stated that it had its operating headquarters in Dubai, that it had acquired Canadian MSB Fintrac licence plates, Australian ASIC licences, and US FinCEN’s MSB financial license plates. However, according to a survey of Hong Kong media, JPX registered suspected “heads” everywhere, and that the physical owners and offices of multiple registered locations remained undisclosed.
不仅如此，JEPX还在宣传中多次“碰瓷”知名机构为其背书。2022年年初，JPEX曾制作大量海报宣称其将在第四季度推出VISA合作卡，被VISA发现后发律师函警告。在广告宣传中，数次提及“日本加密货币交易所”，让公众将其与日本知名交易所JPX混淆。
In early 2022, JPEX produced a large number of posters stating that it would launch a VISA cooperation card in the fourth quarter, warning lawyers that it would be discovered by VISA. In the advertising campaign, several references to the “Japan's Encrypted Currency Exchange” were used to confuse the public with Japan's famous exchange, JPX.
就是这样一家“谎话连篇”的交易平台，在两年多时间里陆续欺骗2000多人。资料显示，2021年以来，JPEX在公告场所大量铺设宣传海报，邀请明星、网红为其代言站台。为了招募更多用户，该平台以高额佣金招募合伙人，其返佣最多可达每月近70万港元。在吸引到大量流量后，JPEX还推出了一系列风险极高但承诺收益极其诱人的“疯狂玩法”。如“45秒合约大战”中，用户可以在45秒内根据市场价格波动线的升跌，下注并选择“PUMP”或“DUMP”来预测价格趋势。
In order to recruit more users, the platform recruits partners with a high commission and returns up to HK$ 700,000 per month. After attracting a large amount of traffic, JPEX also introduced a series of “crazy games” that are extremely risky but highly attractive to promise returns. For example, in the 45-second contract war, users can predict price trends by taking notes and choosing “PUMP” or “DUMP” within 45 seconds, depending on the price volatility line of the market.
商业罪案调查科高级警司孔庆勋表示，香港警方在调查中发现，JPEX要求投资者提供加密货币的私钥，实际上是让JPEX控制用户的资产，这相当于将自己的财产放入他人的钱包。
According to the Senior Police Officer Kong Kyung-hoon of the Commercial Crimes Investigation Section, the Hong Kong Police found during the investigation that JPEX required investors to provide private keys to encrypted currency, in effect allowing JPEX to control the user's assets, which amounts to placing his property in the wallet of another person.
北京大成律师事务所高级合伙人肖飒对《中国经济周刊》记者表示，从目前公开渠道信息来看，JPEX很可能是一个大型资金盘。若在内地法项下，其在运营过程中的手段和方式可能涉嫌组织传销、开设赌场、集资诈骗等犯罪。
According to Shao Xin, a senior partner of the Beijing law firm, China Economics Weekly, it is likely that JPX will be a large pool of funds from the current public sources. Under the law of the interior, its methods and methods of operation may be suspected of organizing distribution, casinos, fund-raising fraud, etc.
值得注意的是，早在2022年7月，香港证监会官网定期更新的“无牌公司及可疑网站名单”中，JPEX就被监管机构纳入名单中的“其他”类别。既然JPEX早就进入了证监会的视线，为何等了一年多才采取具体行动？
It is worth noting that, as early as July 2022, in a regularly updated “list of unlicensed companies and suspicious websites” by the Hong Kong SEC Network, JPEX was placed in the “other” category of the list by the regulator. Since JPEX was already on the Council’s watch, why did it take more than a year to take concrete action?
香港证监会发牌科总监兼金融科技组主管黄乐欣对此解释称，香港证监会于2017年就开始密切关注虚拟资产领域，但受过往监管制度所限，香港证监会并无权力强制任何虚拟资产交易平台接受监管。2022年12月，香港特区政府通过修订打击洗钱条例，并将提供虚拟资产交易平台服务商纳入香港证监会监管范围。直至今年6月，香港正式实施虚拟资产强制发牌制度，才进一步明确虚拟资产交易平台的监管条例。
In December 2022, the Government of the Hong Kong Special Administrative Region adopted amendments to the anti-money laundering regulations and placed the provision of a virtual asset trading platform service provider under the supervision of the Hong Kong Securities Commission. It was only in June this year that Hong Kong formally introduced the virtual asset licensing system to further clarify the regulation of the virtual asset trading platform.
虚拟资产还会成为香港金融创新发展的新赛道吗？
Will the virtual asset
JPEX在香港大肆宣传的背后，是香港特区政府对虚拟资产的积极态度。过去一年多来，香港不止一次展示出其想要成为全球数字金融中心的愿景，从而在国际舞台上保持金融竞争力。
Behind the publicity campaign in Hong Kong is the positive attitude of the HKSAR government toward virtual assets. More than once in the past year, Hong Kong has demonstrated its vision of becoming a global digital financial centre, thereby maintaining financial competitiveness in the international arena.
去年10月，《有关香港虚拟资产发展的政策宣言》（以下简称《政策宣言》）正式对外发表，其中阐明，计划将香港打造成国际虚拟资产中心。
In October last year, the Hong Kong Virtual Asset Development Policy Declaration (hereinafter referred to as the Policy Declaration) was officially released to the public, stating that the plan was to make Hong Kong an international virtual asset centre.
香港特区政府财政司司长陈茂波当时表示，在一再有虚拟资产交易所爆破的背景下，香港成为优质虚拟资产企业的最佳立足点，有信心香港很快会发展出一个蓬勃的虚拟资产生态圈。
At that time, the Director of Finance of the HKSAR Government, Chen Mau Bo, stated that, against the background of repeated explosion of the virtual asset exchange, Hong Kong had become the best position for high-quality virtual asset businesses and was confident that Hong Kong would soon develop a vibrant virtual asset biosphere.
此次爆发的JPEX事件无疑给正在蓬勃发展的香港虚拟资产市场发展蒙上了一层阴影。业内不禁质疑，香港对于虚拟资产的态度会就此改变吗？
This outbreak of JPEX undoubtedly casts a shadow over the development of a thriving virtual asset market in Hong Kong. Will Hong Kong’s attitude toward virtual assets change?
在接受媒体采访时，香港证监会行政总裁梁凤仪表示，今次事件让监管机构可以更全面地加强监管虚拟资产活动，反映监管对推动行业发展的重要性。
In an interview with the media, the Chief Executive Officer of the Hong Kong Censorship Commission, Liang Feng Yi, stated that this event allowed regulators to strengthen their regulation of virtual asset activities more comprehensively, reflecting the importance of regulation in driving industry development.
“现时已经有很多保障措施确保投资者，不会因为出现怀疑违法行为，就改变香港已经公布的虚拟资产发展政策。” 梁凤仪强调，制定虚拟资产监管规定的初心，是为了提供一个受监管的渠道，让投资者的资产受到隔离保护。其他金融产品亦无法完全排除诈骗，最重要的是有机制让投资者安心，未来会加强讯息传播和投资者教育，期望推动行业向前发展。
“There are already a lot of safeguards to ensure that investors do not change the virtual asset development policies that Hong Kong has already announced because of suspected irregularities.” Liang Fung Yi stressed that the original intention of introducing virtual asset regulation is to provide a regulated channel for the isolated protection of investors' assets. Other financial products cannot completely exclude fraud, and most importantly, mechanisms to reassure investors that in the future they will enhance information dissemination and investor education, with the expectation that the industry will move forward.
香港数字资产持牌协会在9月29日发表声明称，尽管JPEX事件展示了非监管虚拟资产平台不当，甚至欺诈性行为的风险和后果，但不应就此影响香港对虚拟资产和Web3生态系统发展的整体规划和路线图。
The Hong Kong Association for Digital Asset Holdings issued a statement on 29 September stating that, although the JPEX incident demonstrated the risks and consequences of inappropriate, or even fraudulent, non-regulatory virtual asset platforms, it should not affect Hong Kong's overall planning and road map for virtual assets and Web3 ecosystem development.
香港数字资产持牌协会主席诸承誉表示，JPEX事件提醒了建立一个能够促进虚拟资产和Web3生态系统健康发展、确保虚拟资产平台的完整性，以及保护市场参与者和投资公众稳健监管环境的必要。同时，明确显示了非受监管的虚拟资产平台所带来的风险，包括潜在的欺诈行为。相信未来仍然可以创建一个鼓励虚拟资产和Web3企业、负责任地创新的环境，带来更大的金融普惠性，提升香港作为具有活力的国际金融科技中心的竞争力。
The President of the Hong Kong Digital Asset Holdings Association, for his part, stated that the JPEX event served as a reminder of the need to create a virtual asset and Web3 ecosystem health development, ensure the integrity of the virtual asset platform, and protect market participants and invest in a robust regulatory environment for the public. At the same time, the risks posed by non-regulated virtual asset platforms, including potential fraud, were clearly demonstrated.
未来如何优化虚拟资产的监管？
How to optimize the regulation of virtual assets in the future?
对于正在积极发展虚拟资产生态的香港来说，JPEX的爆雷无疑敲响了一记警钟。
For Hong Kong, which is actively developing virtual asset ecology, JPEX's thunderbolt has undoubtedly sounded a wake-up call.
“此次事件反映了三个重要性，第一是监管的重要性；第二是必须投资在受监管、有牌的交易平台的重要性；第三是个人对虚拟资产认识及风险的重要性。” 香港特区行政长官李家超日前在会见媒体时表示了其对JPEX事件的关注。
“The event reflected three important aspects, the first of which was the importance of regulation; the second was the importance of investments in regulated and licensed trading platforms; and the third was the importance of personal awareness of virtual assets and risk.” The Chief Executive of the HKSAR, Lee, expressed his concern about the JPEX incident during his recent meeting with the media.
记者了解到，JPEX爆雷后，香港特区政府已经成立专责工作小组，加强虚拟资产交易平台的监察工作。该工作小组由警方商业罪案调查科、网络安全及科技罪案调查科、财富情报及调查科以及香港证监会法规执行部及中介机构部的代表组成。此外，香港证监会也优化了信息披露，公开了4份虚拟资产平台名单：持牌平台名单、结业平台名单、被当作获牌照平台名单，以及申请者名单。
The journalist was informed that, following the explosion, the HKSAR Government has set up a task force to strengthen the monitoring of the Virtual Asset Trading Platform. The task force is composed of representatives of the Police Commercial Crimes Investigation Section, Cybersecurity and Science and Technology Crimes Investigation Section, the Wealth Intelligence and Investigation Section, and the Enforcement Department of the Statutes and Intermediaries of the Hong Kong Censorship Commission. In addition, the CVM has optimized the disclosure of information and made public the list of four virtual asset platforms: a list of licensed platforms, a list of closed platforms, a list of licensed platforms, and a list of applicants.
10月9日，在香港立法会财经事务委员会的会议上，虚拟资产交易平台的监管被列入临时议程。《中国经济周刊》记者从立法会获得的当日会议文件上获悉，参会的议员对现有监管制度可能存在的漏洞提出了质询，并问及是否会规定持牌虚拟资产服务提供者作出分隔安排，以保障其客户的资产。
On 9 October, at a meeting of the Financial and Economic Affairs Committee of the Hong Kong Legislative Council, the regulation of the Virtual Asset Trading Platform was included in the provisional agenda. The Chinese Weekly Journal of the Economy was informed by the Legislative Council's day-to-day meeting documents that the members of the Council had questioned possible gaps in the existing regulatory regime and asked whether separate arrangements would be required for licensed virtual asset service providers to safeguard the assets of their clients.
对此，香港证监会在会议上表示，虚拟资产平台持牌人须为其客户的资产投购保险，并就客户资产作出妥当安排。目前适用于受香港证监会规管的中介人的所有相关保障投资者措施，在新发牌制度下亦会获采用。
In response, the CVM stated at its meeting that virtual asset platform holders are required to insure their clients’ assets and make appropriate arrangements for their assets.
事实上，在《政策宣言》发布后，一系列监管方案也随之落地，今年1月，香港金管局也曾表示拟将稳定币纳入监管范畴，未来在香港进行与稳定币有关的关键活动将须向金管局申领牌照。在今年6月1日生效的虚拟资产交易平台发牌制度则要求，所有在香港经营业务或向香港投资者积极进行推广的中心化虚拟资产交易平台，将必须获得香港证监会发出的牌照。
Indeed, following the launch of the Policy Declaration, a series of regulatory programs have been put in place, and in January this year the Hong Kong Monetary Authority (HKAC) stated that it intended to include a stable currency in its regulatory scope, and that future key activities related to the stabilization of the currency in Hong Kong would be subject to licensing. The Virtual Asset Exchange Platform, which came into effect on 1 June this year, requires that all centralized virtual asset trading platforms operating in Hong Kong or actively promoting to Hong Kong investors will be licensed by the Hong Kong Censorship Board.
据币圈业内人士向《中国经济周刊》记者介绍，香港针对虚拟资产交易平台运营者的发牌制度，实际上是“双牌照”制度。一是依据《证券及期货条例》下的现行制度，对虚拟资产交易平台所进行的“证券型代币”交易申请许可；二是根据6月1日生效的《2022年打击洗钱及恐怖分子资金筹集制度的（修订）条例》，对虚拟资产交易平台所进行的“非证券型代币”交易申请牌照。该人士同时强调，在香港申请相关牌照并不是一件容易的事情，牌照申请以及合规运营的成本非常昂贵。以非强制性的“证券型代币”交易申请许可为例，如果是一家零基础的平台，申请1号和7号牌照的初期成本在2000万港币左右。
According to the Chinese Economic Weekly reporter, Hong Kong's licensing system for the operators of virtual asset trading platforms is in fact a “double-licensing” system. First, under the existing system under the Securities and Futures Regulations, a licence is applied for for a “securitization-type” transaction conducted by a virtual asset trading platform; and second, a licence for a “non-securit-type” transaction conducted by a virtual asset trading platform under the Anti-Money Laundering and Terrorist Financing System (Revised) Regulations 2022, which came into force on 1 June.
根据香港证监会公布的名单，目前全港只有OSL Exchange和HashKey Exchange两家平台持有“双牌照”。此外，还有4家虚拟交易平台已经提交了牌照申请。而根据此前的规定，今年6月1日前已在香港运营的虚拟资产交易平台，在未取得牌照前，则拥有一年过渡期。
According to a list published by the Hong Kong CVM, only two platforms, OSL Exchange and HashKey Exchange, now hold a “double licence plate.” In addition, four virtual trading platforms have submitted license applications.
也就是说，在明年6月前，即使没有牌照，这些虚拟交易平台仍然可以继续运营，这也不得不令人担心JPEX事件是否会重演。
In other words, by June of next year, these virtual trading platforms could continue to operate even without a license plate, which has to raise concerns as to whether the JPEX incident will be repeated.
对此，黄乐欣回应称，无论有无过渡期，违法行为都会出现，有关安排是为已经在港营运的交易平台有合理时间准备好申请牌照，改善监控和遵守监管规则。
In response, Huang Xin responded that, regardless of the transition period, violations occurred and that arrangements were made to have a reasonable time to prepare a license plate for a trading platform already operating in the port, to improve surveillance and to comply with regulatory rules.
（本文刊发于《中国经济周刊》2023年第19期）
(This paper is published in Chinese Economic Weekly, No. 19, 2023)
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