PANews October 28 news, according to Bloomberg, on Monday, Hong Kong government officials announced a common framework, according to which different regulators can formulate policies to manage the use of artificial intelligence (AI), which is seen as key to the future development of finance and other industries. They also proposed to extend the tax incentives for holding digital assets such as cryptocurrencies, and promised to complete the relevant legislation by the end of the year.
Hong Kong recognizes the unique risks and opportunities brought by artificial intelligence and will adopt a dual-track strategy to address challenges while promoting development, Financial Services and the Treasury Secretary Paul Hui said at Hong Kong Fintech Week on Monday. Regulators such as banks, securities, pensions and insurance, and auditing will now issue their own notices on the regulation of artificial intelligence in the financial sector. In addition to artificial intelligence, regional cities such as Hong Kong and Singapore are also competing for the fast-growing digital asset market. Under this broader agenda, Paul Hui said the government proposed to expand existing tax incentives for family offices and private equity funds to include virtual asset investments. The move will "further recognize its role in asset allocation," he added.
