Hong Kong launches AI policy guidelines for the financial industry and plans to extend virtual asset tax incentives

On October 28th, according to Bloomberg, Hong Kong issued its first policy guidance for the application of artificial intelligence in the financial industry, and proposed extending the preferential tax treatment for virtual assets. The Secretary for Financial Services and the Treasury, Christopher Hui, stated that the relevant tax incentive bill will be submitted to the Legislative Council before the end of the year.

This policy guidance provides a unified framework for Hong Kong's regulatory agencies to develop AI policies and aims to regulate the development of AI applications in the financial industry. Despite Hong Kong's active promotion of AI policy construction, mainstream AI tools such as ChatGPT and Gemini are still not available for use in Hong Kong.