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Hong Kong eyes regulating crowdfunding


The Hong Kong government has planned to ensure all crowdfunding must seek official approval following a clampdown on democracy protesters using donations to pay for their legal defence. The proposal will prevent activities that are fraudulent, jeopardising public interest, or endangering public and national security in the name of crowdfunding. All future crowdfunding activities, online or offline, must be approved first by a Crowdfunding Activities Office regardless of their purpose or location. Illegal crowdfunding projects will be halted by law enforcement and subject to prosecution. The government is also considering a registration system for online crowdfunding platforms even if they are not based in Hong Kong, but they did not specify enforcement details. The plans will undergo three months of public consultation before heading to a legislature.

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