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Hong Kong Chief Executive Cites Virtual Currency Risks in Halting Basketball Betting Tax

GateNews
Regulation & Policy

Gate News message, April 22 — Hong Kong Chief Executive John Lee stated today that the suspension of the basketball betting tax policy requires careful risk management, citing concerns related to virtual currencies and illegal prediction markets. Lee emphasized that the halt is not solely about gambling but also involves cryptocurrency-related risks, as the government has observed a significant surge in illegal “prediction market” trading facilitated by crypto payments.

Lee noted that the Commerce and Economic Development Bureau will conduct regular reviews of the policy before proceeding with further implementation, stressing the importance of controlling risks rather than blindly advancing the initiative.

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