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Hong Kong has taken a significant step toward regulating its ride-hailing industry with the passage of a new bill on Wednesday. The legislation mandates that platforms like Uber, along with their vehicles and drivers, must obtain licenses to operate legally. This move comes after years of tension between the city’s taxi industry and online ride-hailing services. The first licensed platforms are expected to launch by late 2026 at the earliest. Under the new rules, Hong Kong’s transport commissioner will evaluate applicants based on their experience, financial capacity, and planned investments in the region. Licensed companies must ensure their services are ‘proper and efficient’ and that all vehicles and drivers on their platforms hold valid permits. Drivers must meet specific criteria, including being at least 21 years old, holding a private car driving license for at least one year, and having no serious traffic convictions within the past five years. Additionally, they must pass a test and complete a pre-service course. The bill represents a pivotal moment in the development of ride-hailing services in Hong Kong, where private vehicles have been prohibited from offering paid services without a permit. Uber Hong Kong welcomed the decision, calling it a ‘significant milestone’ in integrating ride-sharing into the city’s transport system. However, the legislation also imposes strict penalties for non-compliance, including fines of up to 1 million Hong Kong dollars (approximately $128,600) and a maximum jail term of one year for unlicensed operators. The government plans to introduce a cap on the number of ride-hailing vehicles, with details to be outlined in subsidiary legislation next year. This framework aims to balance the interests of traditional taxi companies and the growing demand for modern, convenient transportation options.

Joel Holsinger, an investment manager and partner at Ares Management Corp., has launched Promote Giving, a groundbreaking initiative aimed at encouraging investment managers to integrate charitable donations into their business models. This initiative stems from Holsinger’s transformative experience during a 2019 visit to Dharavi, India’s largest slum, where he witnessed the impact of a tuberculosis prevention program hindered by funding shortages. Inspired to bridge the gap between profit and purpose, Holsinger created the Pathfinder family of funds, which donates at least 5% of performance fees to charities. Since its inception, the initiative has raised over $10 billion in investments and pledged more than $40 million to charitable causes. Promote Giving, launched with participation from nine firms including Ares Management, Pantheon, and Pretium, represents $35 billion in assets and could generate up to $250 million in donations over the next decade. Unlike ESG or impact investing, Promote Giving focuses on maximizing financial returns while allocating a portion of management fees to charities after investors receive their promised returns. This model addresses the funding challenges faced by nonprofits, particularly in the wake of cuts to U.S. foreign aid and the dismantling of USAID. Kammerle Schneider of PATH and Sal Khan of Khan Academy have praised the initiative for its potential to provide stable, long-term funding for critical global health and education programs. Holsinger envisions Promote Growing into a movement akin to the Giving Pledge, encouraging industries to embed philanthropy into their core operations. Research from Chief Executives for Corporate Purpose supports this approach, showing that companies with purpose-driven missions achieve higher revenue growth and employee engagement. Holsinger believes that by channeling more capital to nonprofits, Promote Giving can help solve global challenges that lack not solutions but funding.

Dubai has solidified its position as a global leader in digital finance by establishing the Virtual Assets Regulatory Authority (VARA), the world’s first dedicated regulator for virtual assets. Since its inception in 2022, VARA has been at the forefront of shaping a regulatory framework that balances innovation, investor protection, and market integrity. Under the leadership of CEO Matthew White, VARA has evolved into a full-scale authority overseeing one of the most dynamic virtual asset markets globally.

VARA’s approach is rooted in principles rather than rigid prescriptions, ensuring flexibility and clarity for market participants. The framework emphasizes activity-specific requirements, data-driven supervision, and global alignment. White highlights the importance of leveraging technology-enabled supervision, scaling innovation through sandboxes, and fostering cross-border cooperation. Collaborations with entities like the UAE Securities and Commodities Authority further strengthen Dubai’s unified national framework.

Innovation remains a cornerstone of VARA’s strategy, but not at the expense of accountability. White asserts that compliance and innovation are complementary, benefiting investors, consumers, and innovators alike. The authority’s principles-based framework sets clear guardrails while allowing Virtual Asset Service Providers (VASPs) the flexibility to meet standards. Strict enforcement mechanisms, including fines up to Dh10 million, underscore VARA’s commitment to compliance.

Engagement with the industry is central to VARA’s operations. Regular consultations with VASPs, tech experts, and investors ensure that regulations remain relevant and effective. Workshops and participation in major events like GITEX and TOKEN2049 further enhance VARA’s connection with the ecosystem. Dubai’s appeal as a virtual asset hub is bolstered by its world-class infrastructure, business-friendly policies, and lifestyle advantages, attracting institutional investors and major players in the industry.

VARA is also pioneering the tokenization of real-world assets and exploring AI-powered Web3 platforms. The Dubai Land Department’s Property Token Ownership Certificate exemplifies this shift, linking tokenized assets to the land registry. Successful projects, such as Prypco Mint’s tokenized real estate, demonstrate the potential of these innovations. Additionally, VARA’s Pilot Framework allows for the safe testing of new products, ensuring responsible innovation.

Looking ahead, VARA is preparing for the next generation of digital assets, focusing on robust governance and tech oversight. The Technology & Information Rulebook ensures firms meet stringent cybersecurity and data protection standards. White envisions Dubai as a global hub for virtual assets, driving economic growth, creating jobs, and competing on the international stage.