Financial products or illicit gambling? Can Hong Kong regulate prediction markets?

The legality of prediction markets in Hong Kong has been called further into question, with at least one international brokerage firm operating such a platform in the city, prompting the market regulator to say certain activities may be considered “financial products”. Lawyers were also split on whether the delineation between financial products and illegal gambling was clear under the city’s existing laws given the nature of prediction markets, with one saying the latest case highlights a “grey...