Hong Kong’s Financial Services and Treasury Bureau (FSTB) has recently unveiled a balanced AI policy approach for the finance industry. The Financial Services Development Council (SFC) is also preparing to introduce new regulations for over-the-counter (OTC) transactions involving cryptocurrencies.
The FSTB’s AI policy aims to strike a balance between innovation and regulation, ensuring that the finance industry can benefit from AI technology while still adhering to necessary guidelines and safeguards. This approach seeks to encourage the development of AI-driven financial solutions that can improve efficiency and provide better services for customers, without compromising on security or ethical considerations.
In addition to the AI policy, the SFC is working on creating new regulations for OTC transactions involving cryptocurrencies. These regulations aim to protect investors, maintain market integrity, and prevent financial crimes such as money laundering and fraud. The new regulations will likely involve stricter requirements for exchanges and other OTC platforms, as well as greater transparency and monitoring of transactions.
Overall, these developments show that Hong Kong is committed to fostering innovation in the finance industry while still ensuring that adequate regulation and oversight are in place to protect consumers and maintain market stability. In summary, the FSTB unveiled an AI policy for finance, while the SFC is working on new crypto OTC regulations.
These actions aim to balance innovation with safeguards in the finance industry.