On October 28th, Bloomberg reported that the Hong Kong government issued its first policy guidelines for artificial intelligence (AI) applications in the financial industry. The guidelines aim to regulate the development of AI in the financial sector. Secretary for Financial Services and the Treasury Hui Ching-yu also proposed extending the virtual asset tax preferential plan.
A relevant tax incentives bill will be submitted to the Legislative Council by the end of the year. The policy guidelines provide a unified framework for Hong Kong regulatory agencies to formulate AI policies, despite mainstream AI tools like ChatGPT and Gemini not being available in Hong Kong.