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.