Hong Kong Set to Release AI Guidelines for Finance, Including Crypto

cryptonews.com:

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

The Hong Kong government is reportedly gearing up to release its first policy statement on using artificial intelligence (AI) in finance. This move could drive AI adoption in trading, investment banking and cryptocurrency markets.

Bloomberg reported Tuesday that Hong Kong’s Financial Services and Treasury Bureau (FSTB) is developing the guideline framework. This framework will address the ethical concerns in AI usage. It will also set key principles for integrating AI into the financial sector, the outlet said.

Officials are currently drafting the document, incorporating industry feedback. The bureau confirmed to Bloomberg that it plans to release a policy statement this year, outlining the government’s stance and strategy on AI in the financial market.

The FSTB didn’t return Cryptonews’ request for comment by press time.

Bloomberg noted that the policy’s specifics remain unclear. However, its main goal is to showcase Hong Kong’s support for AI, aligning with global efforts to harness the technology’s potential.

AI’s capacity to handle large datasets, predict outcomes and automate decisions requires a careful strategy to ensure both efficiency and ethical use. Such a strategy could outline how AI can be leveraged for strategic benefits, like enhancing customer service with predictive analytics or refining investments using machine learning.

Moreover, integrating AI in finance brings significant changes to organizational culture, employee skills and operations. The framework would guide this transition, addressing training programs, ethical decision-making and balancing human oversight with AI’s