Hong Kong Official: Bitcoin Legislation Not Necessary

Hong Kong Legislative Council

A senior Hong Kong official has indicated that the government does not see a need for legislation that would regulate or ban bitcoin activities.

The statement by Secretary for Financial Services and the Treasury Professor KC Chan comes in response to a question submitted during a meeting of the Legislative Council of Hong Kong by council member Leung Yiu-chung.

Leung requested an update on the investigation into the MyCoin bitcoin investment scam as well as clarity on whether officials intend to regulate bitcoin activities more actively, according to a press release from the Hong Kong government.

In response, Chan described bitcoin as limited in scope, noting that it does not pose a substantial threat to Hong Kong’s financial system given its current lack of widespread adoption in the region.

Chan said:

“The Government does not consider it necessary to introduce at the moment new legislation to regulate trading in such virtual commodities or prohibit people from participating in such activities.”

Chan added that, should the need arise, Hong Kong regulators can draw from existing legal statutes, both domestic and international, to deal with instances of fraud or criminal activities that involve digital

Read more ... source: CoinDesk