TechFlow News, April 22: According to Hong Kong media outlet HK01, during a press briefing before the Executive Council meeting, Hong Kong Chief Executive John Lee was asked about the suspension of the basketball betting tax policy. He responded that the Home and Youth Affairs Bureau must conduct regular reviews, and before continuing with the basketball betting tax policy, the government aims to manage associated risks—a step he considers appropriate.
Lee emphasized that the suspension is not solely due to gambling concerns but also relates to virtual currencies. The Hong Kong government has observed a sharp rise in trading volume on illegal gambling “prediction markets,” which are linked to the ability to place bets using cryptocurrencies; thus, the policy should not be advanced blindly.
