ADVERTISEMENT

[email protected]

  • Submit Press Release
  • Submit Guest Post
  • Write for Kryptomoney.com
Latest Crypto News
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
Latest Crypto News
No Result
View All Result
Home News

Hong Kong Government: Bitcoin Has No ‘Visible Impact’ on Financial System

Sheenam Khuttan by Sheenam Khuttan
May 2, 2018
in News
0
Bitcoin Core 0.17.0 | Bitcoin Core upgrade
0
SHARES
21
VIEWS
Share on FacebookShare on Twitter

The Hong Kong Financial Services and Treasury (FSTB) released a report on April 30, covering the 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.

“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 current legal and regulatory provisions relating to ML, TF, fraud and other crimes are wide enough to catch offences involving the use of any general property, including VCs.”

The report is the latest data point in a growing body of research that suggests bitcoin’s associations with criminal activity have been far overblown and that the rate of illicit transactions is decreasing over time as cryptocurrencies become more common in mainstream financial markets.

The legal and regulatory provisions related to money laundering, terrorist financing, fraud and other crimes are good enough to catch the offenders. Additionally, the financial regulators and law enforcement agencies are looking into the risks related to Initial Coin Offerings [ICO] and cryptocurrencies. The report further stated:

“While we have not found substantial risks in these newly developing payment methods or commodities, this is a rapidly developing area requiring continued monitoring.”

Cryptocurrencies are not considered legal tender in Hong Kong. The FTSB suggests that because Hong Kong “is one of the world’s freest economies with a vibrant foreign currency exchange market and no capital controls […] VCs are therefore not as attractive as in economies where people may try to circumvent currency controls or seek refuge from a high inflation rate”

KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.

Tags: Bitcoin NewsBitcoin updatesCryptocurrency News
Previous Post

Coinsecure Delays the Compensation To Customers for Stolen Bitcoin

Next Post

CFTC Chairman: "Bitcoin is A Long Term Asset"

Next Post
CFTC | J. Christopher Giancarlo | Bitcoin | Bitcoin news | SEC

CFTC Chairman: "Bitcoin is A Long Term Asset"

Recent Stories

Cardano Price Analysis: Bulls Drive ADA/USD Price Past $0.37, Cardano Wants To Help Twitter Decentralize Social Media

Cardano Price Analysis: Bulls Drive ADA/USD Price Past $0.37, Cardano Wants To Help Twitter Decentralize Social Media

January 16, 2021
Is an Altseason Coming? Chainlink (LINK) Hits New Record Highs of $21.40, Polkadot & Cosmos (ATOM) Surge

Is an Altseason Coming? Chainlink (LINK) Hits New Record Highs of $21.40, Polkadot & Cosmos (ATOM) Surge

January 15, 2021
Quickly

Financial Advisor Introduces Petition for the UK Government to Ban Crypto Transactions

January 15, 2021
LTC Price Analysis: Steep Correction on LTC/USD From $186 High, Flare Networks Announces Litecoin Airdrop

LTC Price Analysis: Steep Correction on LTC/USD From $186 High, Flare Networks Announces Litecoin Airdrop

January 15, 2021
Bitcoin

Bitcoin Falls Below $35k Despite the Unveiling of Biden’s $1.9 Trillion Stimulus

January 15, 2021
cryptocurrencies

The Impact Of Cryptocurrencies On The Global Marketplace

January 15, 2021
What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

January 14, 2021
Trading

PayPal Crypto Trading Volume Climbed $242 In One Day

January 14, 2021
Bitcoin

Government of Pakistani Province Announces Launch of Bitcoin Mining Farms

January 14, 2021
Ethereum

Google Data Reveals “Ethereum” Searches Hit All-Time High

January 14, 2021

Email Subscription

Pages

About Us

Contact Us

Disclaimer

Get Latest Cryptocurrency And Bitcoin News

Privacy Policy

Write for Kryptomoney.com

Category

Events

General

Interviews

News

Price Analysis

Press Release

Sponsored

Information

About Us

Submit Press Release

Submit Guest Post

Contact Us

Social Icons

[email protected]

©KryptoMoney 2019 | Southridge Internet Corp

No Result
View All Result
  • Resource List
  • News
  • Price Analysis
  • Events
  • Press Release
  • Sponsored

©KryptoMoney 2019 | Ess Commerce Private Limited

  • bitcoinBitcoin (BTC) $ 36,486.00 1.3%
  • ethereumEthereum (ETH) $ 1,255.96 9.48%
  • tetherTether (USDT) $ 0.998805 0.51%
  • bitcoin-cashBitcoin Cash (BCH) $ 494.00 2.26%
  • binancecoinBinance Coin (BNB) $ 42.96 6.12%
Our websites require cookies enabled to provide you with an uninterrupted experience. Please continue without changing your setting to receive important notifications.I Agree