John Lee: Risks Must Be Considered for Prediction Markets Involving Virtual Currencies

Odaily News Hong Kong Special Administrative Region Chief Executive John Lee addressed the media before attending the Executive Council meeting and was asked about the suspension of the basketball betting tax. He stated that the Home and Youth Affairs Bureau needs to conduct regular reviews and hopes to control risks before continuing to implement the basketball betting tax policy, which he believes is appropriate.

Lee emphasized that the suspension of the policy is not solely due to gambling reasons but also relates to virtual currencies. The Hong Kong government has observed a significant increase in trading volume in illegal gambling "prediction markets," which is associated with the ability to place bets using cryptocurrencies. Therefore, the policy should not be blindly advanced. (HK01)