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Regulation of crowdfunding in Hong Kong

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  1. #1

    Regulation of crowdfunding in Hong Kong

    Some of you may be aware that crowdfunding activities are starting to be regulated around the world.

    The HKSAR government has released a consultation paper on the proposed regulation of crowdfunding in Hong Kong. It would apply to both for profit and non-profit activities. The consultation paper is quite high level and we would have to wait until draft legislation is on the table to know the details, but as proposed would appear to catch most online fund appeals including Hullexile's annual Christmas appeal.

    Activities falling within the proposed regulatory framework would require (among other things) prior approval from a new crowdfunding regulator and require all funds to be deposited into a designated Hong Kong bank account.

    Submissions can be made up to 20 March.

    https://www.info.gov.hk/gia/general/...2121900514.htm


  2. #2

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    Quote Originally Posted by traineeinvestor:
    Some of you may be aware that crowdfunding activities are starting to be regulated around the world.

    The HKSAR government has released a consultation paper on the proposed regulation of crowdfunding in Hong Kong. It would apply to both for profit and non-profit activities. The consultation paper is quite high level and we would have to wait until draft legislation is on the table to know the details, but as proposed would appear to catch most online fund appeals including Hullexile's annual Christmas appeal.

    Activities falling within the proposed regulatory framework would require (among other things) prior approval from a new crowdfunding regulator and require all funds to be deposited into a designated Hong Kong bank account.

    Submissions can be made up to 20 March.

    https://www.info.gov.hk/gia/general/...2121900514.htm
    I very much doubt this would catch Hull's Christmas appeal. It's nothing to do with Hong Kong, and there are exemptions for charity anyway.

  3. #3
    Quote Originally Posted by TheBrit:
    I very much doubt this would catch Hull's Christmas appeal. It's nothing to do with Hong Kong, and there are exemptions for charity anyway.
    100% wrong on both counts.

    Anything raising money from persons in Hong Kong is intended to be subject to the new regime. Raising money from outside HK or using it outside HK does not detract from this.

    Proposed exemptions for charity are largely or entirely (the Consultation Paper is a bit unclear on this one) intended to be confined to causes/ campaigns which have been approved under other existing pieces of legislation (e.g. approved by the Director of Social Welfare or the Secretary for Home and Youth Affairs).

  4. #4

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    Quote Originally Posted by traineeinvestor:
    100% wrong on both counts.

    Anything raising money from persons in Hong Kong is intended to be subject to the new regime. Raising money from outside HK or using it outside HK does not detract from this.

    Proposed exemptions for charity are largely or entirely (the Consultation Paper is a bit unclear on this one) intended to be confined to causes/ campaigns which have been approved under other existing pieces of legislation (e.g. approved by the Director of Social Welfare or the Secretary for Home and Youth Affairs).
    I think you've missing the wood for the tree's here. Do you think any crowdfunding scheme anywhere in the world that someone in Hong Kong may or may not contribute to is going to be required to register to the Hong Kong authorities? Good luck chuck!

    0% chance that hullexile's appeal would be covered by this.

  5. #5
    Quote Originally Posted by TheBrit:
    I think you've missing the wood for the tree's here. Do you think any crowdfunding scheme anywhere in the world that someone in Hong Kong may or may not contribute to is going to be required to register to the Hong Kong authorities? Good luck chuck!

    0% chance that hullexile's appeal would be covered by this.
    0% chance that you've read the Consultation Paper.

    If someone targets HK residents or promotes it in HK (e.g. by posting a thread on a forum like this one) they are intended to be caught. If a HK resident decides to contribute to a crowdfunding campaign not specifically targeted at people in HK etc that would be a different matter.

  6. #6

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    Quote Originally Posted by traineeinvestor:
    0% chance that you've read the Consultation Paper.

    If someone targets HK residents or promotes it in HK (e.g. by posting a thread on a forum like this one) they are intended to be caught. If a HK resident decides to contribute to a crowdfunding campaign not specifically targeted at people in HK etc that would be a different matter.
    Time will tell, my friend. Like it or not, Hong Kong whoever they are has zero power, zero leverage and zero means of enforcement for the sort of thing hull does.

  7. #7

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    Quote Originally Posted by TheBrit:
    Time will tell, my friend. Like it or not, Hong Kong whoever they are has zero power, zero leverage and zero means of enforcement for the sort of thing hull does.
    Will have to read the paper .. but I would take TIs word on this. Areas of concern would be on the platform side. Does publishing or allowing an appeal to be published or responding to an appeal on a non HK sote get a person in HK caught up in this ..

    If the Ukrainians had an appeal - would I be able to publish it here and would I be able to donate?

    Should be interesting reading ...
    traineeinvestor and spode like this.

  8. #8
    Quote Originally Posted by shri:
    Will have to read the paper .. but I would take TIs word on this. Areas of concern would be on the platform side. Does publishing or allowing an appeal to be published or responding to an appeal on a non HK sote get a person in HK caught up in this ..

    If the Ukrainians had an appeal - would I be able to publish it here and would I be able to donate?

    Should be interesting reading ...
    Your definition of "interesting" sounds a bit different from mine.
    woodwood likes this.

  9. #9

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    Quote Originally Posted by traineeinvestor:
    Your definition of "interesting" sounds a bit different from mine.
    I need a daily dose of patriotism everyday to remind myself that I need to tell good stories about Hong Kong.
    woodwood likes this.

  10. #10

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    These lomos who keep spinning daily life into nsl dangers will be the death of HK. This Sec. Hui should be furiously trying to diversify HK income sources away frm land but no they are here still on NSL when it is not necessary at all.

    If they wanted to push it, existing regs can already catch this. But they so lazy cux they prefer to point to a closer law to legitimize the offence. Whatever they trying to regulate wld catch everyone I know using crowdfunding into those using patreon in theory.. or appeals for membership donations coffee tips of any sort, hullexile's, scanlators translators doing japmanga for fans or fanart fanwork all so many but yes we must regulate this bcos we want to seal off the possible ways anon funds can reach anti-establishment folks. This is just wasting time. There is no real risk here.

    Our HK politicians are useless. There I said it. I have long given up on them on this pt. I think we never thot so bcos their abilities and stress strategy were never put to the test. What they are capable of, we have seen it. It's just too bad. Time to acknowledge and work around.. no point waiting and expectation.. this crowdfunding reg is rubbish and a junius ho category wasting time.


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