Consequently, bitcoin traders who engage in unfair trade practices with regards to bitcoin mining hardware face a five-year jail sentence. A maximum fine of 0.5 million Hong Kong dollars is also applicable.
Some of the unfair trade practices which were listed by Lau include ‘false trade descriptions’ and ‘bait advertising’. Others include ‘misleading omission’, ‘aggressive commercial practices’, ‘bait-and-switch’ as well as ‘wrongly accepting payment’.
Lau’s clarification was in response to questions posed by Legislative Council member, Wu Chi-wai.
In his list of questions, Chi-wai referred to an incident where investors were fraudulently enticed into purchasing crypto mining equipment. While Lau might have had something else in mind, the HKD$3 million scandal involving crypto entrepreneur Wong Ching-kit springs to mind.