[2018-05-01] Low Connection Between Cryptocurrencies and Organized Crime in Hong

[BitcoinArsenal]

A report of Financial Services and Treasury Bureau (FSTB) in Hong Kong comes as financial crimes are on the rise, and some are questioning what the city is doing to combat this. Businesses in and around Hong Kong — particularly ones involved with cryptocurrencies — are upset because they are being denied banking services on a large scale, primarily due to the banks fears of money laundering risks.
Full article on NewsBTC

[bbc.reporter]

It is still too early to tell. From the article I reckon that the Hongkong police have not collected enough data yet to make a definite conclusion that the connection between organized crime and the cryptospace is low. The BTCE money laundering scandal should remind us that it is indeed really high.

[Qartersa]

I do not get why governments are rooting for cryptocurrencies alone when it comes to money laundering when we ALL know that the latter started even before the birth of cryptocurrencies. In fact, the money laundering law came into effect not so long after we all use fiat as a form of payment system. I think, though, that governments only have the best intentions for its people, just that I do not think it have to go this low by denying people with cryptos the same right and treatment with those who do not have any cryptos. I think it is their job to ensure all rights are accorded to human race regardless of the latter's preferences so long as those preferences are not against the law.

[Slow death]

This is a very interesting article.

Businesses in and around Hong Kong — particularly ones involved with cryptocurrencies — are upset because they are being denied banking services on a large scale, primarily due to the banks fears of money laundering risks.

A Brief History of Money Laundering

" Money laundering, not surprisingly, is as old as taxation itself. As early as 2000 BCE, Chinese merchants were documented as hiding their wealth from the state to avoid taxation or confiscation, by moving it to remote provinces or even outside of China. "

ok, we know that this problem started years ago and bitcoin did not even exist, we also know that due to the nature of bitcoin and altcoin banks and governments take tough measures, but it does not need to create barriers for people who are related to bitcoin and altcoins, just look at this passage:

The big news here is that the government’s risk assessment for aforementioned SVFs are much higher than with cryptocurrencies. The Hong Kong Police Force (HKPF) notes that they see ‘no apparent sign’ of organized crime, money laundering, or terrorist financing related specifically to the trading of cryptocurrencies.

banks and governments can implement measures that can ensure that the law is not infringed and thus do not denied banking services for people because they use Cryptocurrency