HK lists Al, crypto moves to retain business edge

HONG KONG - Hong Kong outlined its first policy guidelines dedicated to the use of artificial intelligence (AI) in finance and floated a tax break for virtual assets, part of efforts to promote itself as an Asian business centre.

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On Oct 28, government officials touted a common framework through which different regulatory agencies can craft policy governing the use of AI, considered key to the future offinance and other sectors. They also proposed the extension of a tax break on the ownership of digital assets such as cryptocurrencies, promising legislation by the end of the year.

Hong Kong is keen to burnish its credentials as Asia's go-to centre for financial services. It wants to win back investors who have fled the city's markets in the face of heightened US-Chinese tensions, while embracing next-generation technologies from crypto to AI.