Often times we have heard about bitcoin being accused as a tool for illegal activities. But in a recent report, Government of Hong Kong says that Bitcoin is not associated with any crime related activities.
As per Money Laundering and Terrorist Financing (ML/TF) Risk Assessment Report published by Hong Kong Government, bitcoin has no association with respect to organized crime. However, monitoring Hong Kong Police Force says that ‘The threat level is low.’
This is majorly due to the fact that signs of cryptocurrency trading are found in Ponzi schemes or mostly used during ransomware which is apparently very low.
The report in discussion investigates threats and vulnerabilities facing the city with regards to the recommendation of the Financial Action Task Force (FATF). An inter-governmental body that sets international standards for Combating Money Laundering and Terrorist Financing.
The report further says that,
“Hong Kong is one of the world’s freest economies with a vibrant foreign currency exchange market and no capital controls.”
The report clearly stresses the point that usage of bitcoin should not be treated as a threat to the government. Hong Kong is a major international financial hub and citizens should be free to use their financial freedom.
The rules laid out by the government of Hong Kong is more than enough to catch any fraudulent activities with respect to cryptocurrency crimes. Any extra regulations, specifically meant for cryptocurrency is not required.
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