TVB News programme “News Magazine 新聞透視” interviewed Mr Gordon Chan about issues with potential criminal liability arising from the emerging prediction market.
In an interview with TVB News, Mr Gordon Chan discussed the legal issues surrounding the prediction market under Hong Kong’s Gambling Ordinance.
It is well known that Hong Kong has strict control over gambling. “Betting with a Bookmaker” is an offence under section 8 of the Gambling Ordinance, while prediction markets rely upon blockchain and smart contracts without any centralised bookmaker in the traditional sense. How the new technology fits within the traditional gambling law framework is unclear, creating risks for participation in these markets.
While new technologies might present challenges for the existing legal framework, a balance must still be struck between innovation and the regulation of undesirable behaviours.
Gordon Chan, Esq
Barrister-at-law, Archbold Hong Kong Editor on Public Health, and Member of the Bar Association's Committee on Criminal Law and Procedure. Specialised in medical, technology and criminal law.
