Hong Kong Treasury official says bitcoin regulation not required

A Hong Kong Treasury official, Professor K C Chan, has opposed the introduction of bitcoin regulation the country.

He expressed his opinion in response to a question submitted during a meeting of the Legislative Council of Hong Kong by council member Leung Yiu-chung, who has been actively working with victims of the MyCoin Ponzi scam.

Chan said that bitcoin has limited scope, and it does not pose a substantial threat to country's financial system considering its current lack of widespread acceptance.

"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", he said.

He added that if need arises, the authorities can draw from prevalent legal acts, both domestic and international, to deal with fraud or criminal activities that involve cyptocurrencies.

"The police will take enforcement action if they find information which involves criminal conduct," he added.