Bitcoin is often criticized for being able to be used to conduct criminal activities. However, according to a new report from the Hong Kong government, the increased consumer interest in bitcoin does not correlate with "significant influence" on the risk of financial crime. This is reported by Cointelegraph.
The Hong Kong authorities made this statement as part of the annual state report on the assessment of risks associated with money laundering and the financing of terrorism. It also states that bitcoin and other "virtual exchange products" currently represent a "moderately weak" risk for the government's ability to prevent financial crime and hold accountable those who commit them.
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. While we have not found substantial risks in these newly developing payment methods or commodities, this is a rapidly developing area requiring continued monitoring. The exchange of Bitcoin in person is not popular [...] Domestically, the use of Bitcoin remains at a negligible level.
The Hong Kong Financial Services and Treasury Report
The report says that the Bitcoin ATMs in Hong Kong are also “not popularly used by people in Hong Kong.”