On this snapshot authorized replace, we report that on 25 Might 2022, in a written reply by Mr. Christopher Hui, the Secretary for Monetary Providers and the Treasury, to Legislative Council questions on crowdfunding, Mr. Hui confirmed that the Hong Kong Authorities is reviewing the regulation of crowdfunding in Hong Kong.

The target of the evaluation is to supply clearer regulatory necessities, and to strengthen the transparency and accountability of crowdfunding actions. The evaluation can even concentrate on strategies to forestall fraudulent crowdfunding actions for probably unlawful functions. The evaluation will embrace a public session to be accomplished inside 2022 to hunt suggestions on particular contents of the longer term regulatory framework, together with:

  • the scope of crowdfunding actions to be regulated;
  • regulatory necessities for several types of crowdfunding actions;
  • software, registration, disclosure and account auditing necessities;
  • the position of regulatory companies; and
  • enforcement preparations.

The evaluation will tackle all 4 widespread forms of on-line crowdfunding actions, being:

Fairness crowdfunding: Fairness crowdfunding is the net providing of shares in a non-public firm to a gaggle of individuals for funding.

Peer-to-peer lending: People get hold of loans instantly from different people underneath a platform that permits the people to supply one another and deal instantly with out a financial institution to intermediate.

Donation-based crowdfunding: Funds are raised for making donations to charitable actions or different causes.

Reward or pre-sale-based crowdfunding: Fundraisers present items or providers (usually whereas these items or providers are in growth) in return for funds supplied by contributors.

The total query and response by the Secretary for Monetary Providers and the Treasury concerning the proposal evaluation and public session on crowdfunding is out there right here.

Recommended Posts

Download Our App

Samsung Online Shop Support If you’re blind or partially sighted, you’ve come to the right place for products that help you live independently and enjoy everyday activities. Why not have a look at our best sellers, our new products, or our special […]