TechFlow news, on April 22, Hong Kong lawmaker Ng Ka-chung pointed out that there have been frequent recent cases of citizens being defrauded after exchanging USDT for HKD through physical virtual asset exchange kiosks, highlighting regulatory loopholes being exploited by criminals. These operators often use "licensed" and "compliant" as a front, but then abscond with customers' funds and shut down afterward—a pattern similar to the JPEX incident two years ago. Mr. Ng urged the government to accelerate the legislation of the Virtual Asset Service Providers Ordinance, bring over-the-counter (OTC) exchanges under mandatory licensing, and strengthen public education to expose the fraudulent nature behind unlicensed exchange kiosks' "high exchange rates."
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