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Hong Kong: Illicit Crypto Mining Operations Are Punishable by Fine or Imprisonment

Published 04/04/2019, 02:31 PM
Updated 04/04/2019, 02:42 PM
Hong Kong: Illicit Crypto Mining Operations Are Punishable by Fine or Imprisonment

The secretary of Hong Kong’s Financial Services and the Treasury has stated that crypto mining operations are regulated by local trading law. His written response to Hong Kong’s Legislative Council was published on Wednesday, April 3.

The Council has solicited information about the risks and fraudulent activities related to cryptocurrencies and underlying activity, such as mining. Moreover, the officials are interested whether mining is regulated under the Trade Descriptions Ordinance (TDO) — a bill passed in 2012 that prescribes penalties for unfair trading practices in Hong Kong.

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