Hong Kong outlined its first policy guidelines dedicated to the use of AI in finance and floated a tax break for virtual assets, part of efforts to promote itself as an Asian business center.

Hong Kong has unveiled new proposals and policies targeting the crypto and AI sectors as a part of its efforts to bolster its financial services sector.

This AI policy comes as Hong Kong navigates a complicated global environment marked by rapid technological changes and ongoing U.S.-China tech tensions. While the city’s consumers face restrictions accessing major U.S. AI services, Hong Kong has taken steps to boost its domestic AI development.

Hong Kong reveals AI finance policies and proposes crypto tax breaks, aiming to enhance its position as Asia’s business center.

Hong Kong has announced new guidelines focused on AI usage in the financial sector and has proposed tax breaks on cryptocurrency holdings.

Hong Kong authorities expect to license more digital-asset exchanges by the end of 2024 after completing a five-month inspection period that had raised doubts about the prospect of further approvals.

Hong Kong’s SFC has announced that it will fast-track the applications of Virtual Asset Trading Platforms. The SFC is currently processing applications from 14 different