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Hong Kong has introduced its inaugural policy guidelines focused on the integration of AI in the finance sector. This initiative aims to establish a regulatory framework that various agencies can utilize to govern AI applications, which are deemed essential for the future of finance. Additionally, the government is considering extending tax breaks for digital assets, including cryptocurrencies, to bolster its position as a leading business hub in Asia.
The proposed tax break legislation is expected to be presented by the end of the year, reflecting the government's commitment to fostering innovation in the financial landscape. However, Hong Kong has faced challenges, such as being denied access to major AI tools like ChatGPT and Gemini, which could hinder its technological advancement. The emphasis on AI in finance signifies a strategic move to enhance operational efficiency and competitiveness in the region.
• Hong Kong introduces AI policy guidelines for the finance sector.
• Tax breaks for digital assets proposed to enhance business competitiveness.
AI policy refers to the guidelines and regulations governing the use of artificial intelligence in various sectors, including finance.
Digital assets encompass cryptocurrencies and other virtual assets that are subject to regulatory frameworks and tax considerations.
A regulatory framework provides the structure within which different agencies can create policies for AI governance.
South China Morning Post 7month
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