RATE Group | Hong Kong Gov’t Report Says Bitcoin Poses ‘Medium-Low’ Risk In Financial Crime
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Hong Kong Gov’t Report Says Bitcoin Poses ‘Medium-Low’ Risk In Financial Crime

01 May Hong Kong Gov’t Report Says Bitcoin Poses ‘Medium-Low’ Risk In Financial Crime

Posted at 12:23h in Bitcoin News by

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The Hong Kong Financial Services and Treasury (FSTB) released a report yesterday, April 30, on the status of money laundering (ML) and terrorism financing (TF). The report concluded that virtual currencies (VC), like Bitcoin (BTC), are not particularly involved in either type of financial crime.

The FSTB notes that “although there is inherent ML/TF vulnerability related to VCs”:

“There does not seem to be any visible impact affecting the overall risk in Hong Kong so far. The risk of VCs is assessed as medium-low.”

The report does mention the use of cryptocurrencies in Ponzi schemes and cybercrimes – specifically mentioning the WannaCry attack – citing 167 Bitcoin (BTC) related police reports from 2013-2017.

The Money Laundering and Terrorist Financing Risk Assessment Report also mentions that the FSTB, Hong Kong financial regulators, and law enforcement agencies are working together to look into risks associated with Initial Coin Offerings (ICO) and cryptocurrencies in…

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