Page 63 - 期货和衍生品行业监管动态（2023年9月刊）

期货和衍生品行业监管动态

1. JPEX is a VATP operating at the website of jp-ex.io, which has been placed on

the SFC’s Alert List since 8 July 2022.

2. While JPEX is registered as a business or entity with certain overseas

regulators, these registrations do not constitute approval or licences to allow

virtual asset trading services to be legally provided in those jurisdictions. JPEX

claims on its website that its operating headquarters is located in Dubai and

under the supervision of the Virtual Assets Regulatory Authority of Dubai

(VARA), its trading system “has stricter regulatory standards and more

transparency and openness in cross-border transactions”, but JPEX is not on

the public list of licensed virtual assets service providers published by VARA.

3. For example, as at 12 September 2023, JPEX’s savings product offered 21%

annual percentage yield (the rate of interest/return earned in one year) for ETH,

20% for BTC and 19% for USDT according to its website at jp-ex.io.

4. Paragraph 7.26(b) of the Guidelines for Virtual Asset Trading Platform

Operators provides that a platform operator should not make any arrangements

with its clients on using the client virtual assets held by the platform operator

or its associated entity with the effect of generating returns for the clients or

any other parties.

5. Pursuant to section 53ZRK of the AMLO, the SFC may grant a licence to an

applicant only if the SFC is satisfied, among other things, that the applicant is

a fit and proper person to be licensed for the virtual asset trading service. If

JPEX makes any application for a VATP licence, the SFC will take into account

whether it has been involved in providing services and products that may not

comply with the applicable legal and regulatory requirements, whether its

involvement in such activities could have reasonably been avoided and

whether it can demonstrate a genuine intention to rectify non-compliant

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