Govt To Consult Public On Crowdfunding Laws: Hui

The Secretary for Financial Services and the Treasury, Christopher Hui, said on Saturday that the government will consult the public on how to better regulate online crowdfunding activities in Hong Kong.

Writing in his blog, Hui said a three-month public consultation will be launched next week on proposed legislation and relevant measures.

“Unlike fundraising events that are held in public areas with prior approval, we don’t have a clear system to handle online crowdfunding,” he noted.

“In the past, criminals have sought personal gain under the pretext of crowdfunding and incurred losses for innocent people. There were groups that used crowdfunding to support acts that endangered public safety or even national security,” Hui added.

The minister said authorities are considering setting up a designated body to handle, coordinate and supervise crowdfunding events.

He said organisers of all such activities conducted in person or online for any purposes will have to make an application with the body, and must fulfill requirements on transparency and accountability.