As far as the individuals who have fallen victim to the JPEX crypto-currency exchange fiasco are concerned, it is too little too for Chief Executive John Lee Ka-chiu to undertake to step up public education to remind retail investors of the risks.

Should this have been done much earlier?

The Securities and Futures Commission raised an alarm over JPEX as early as July last year. Back then, the SAR pursued a strict policy that basically did not encourage cryptocurrency trading activities in the financial center.

That strict policy was liberated in a U-turn in October, with the administration opening its arms to crypto trading in a new policy.

I am not saying that investors should not be held responsible for their decision. Rather, financial officials at that watershed moment should at least have started putting together a public education plan.

They could have readily produced a table of pros and cons to keep retail investors informed.

A new licensing regime was drafted for implementation as early as June this year. Trading platforms already in operation were given a year's transition to obtain a license.

So far, two operators have been given the license to provide exchange services to retail investors. Several others are reported to be in the process of doing so.

It took no more than eight months to complete the policy U-turn - it was truly swift. In hindsight, it may be have been too swift for a major policy launch.

Was the public sufficiently engaged for their views before the policy paper became final to promote crypto investment to retail investors?

Apparently, financial officials and the civil service supporting them could have done it better.

Lee's pledge may be too little too late, but it is a case of better late than never.

It is clear in the JPEX incident that a number of social media influencers were involved to help it promote a so-called crypto to their followers. If there had already been a public education exercise as the government was about to launch the licensing regime in the middle of this year, fewer people may have subscribed to the syndicate.

YouTubers helped build confidence among retail investors - but the ongoing fiasco has shattered that confidence.

In order to rebuild it, financial officials must attach a very high level of transparency to the regulatory regime.

The elaborate listing mechanism of the Hong Kong Exchange and Clearing is a useful example to refer to.

It is so elaborate that investors are kept informed from the moment a company submits an application: the mandatory prospectus offers an idea of what the company is about, listing hearings are scheduled and investors are informed of the progress, including the outcome.

Are crypto-exchange applications subject to a similarly open and elaborate vetting process?

If so, it is unlikely that so many investors would have ended up in such a dire situation.

It is too late for those who have already fallen victim but it's better late than never to strengthen the licensing system to be as open and elaborate as the stock-listing regime.

While cryptos are already opaque in nature, the exchanges that handle them must be crystal clear.

Better late than never in crypto debacle