John Lee: Market participants involving virtual currencies should consider the associated risks

According to Hong Kong media outlet HK01, before attending the Executive Council meeting, Chief Executive of the Hong Kong Special Administrative Region John Lee addressed journalists’ questions regarding the suspension of the basketball betting tax policy. He stated that the Home and Youth Affairs Bureau must conduct regular reviews, and before continuing with the basketball betting tax policy, the government hopes to manage associated risks—a move 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; therefore, the policy should not be advanced blindly.