Building a Kalshi-like app in Hong Kong is a technology project, but operating a real-money prediction market is a separate legal question. Hong Kong generally restricts unauthorized gambling, while certain financial activities may also require SFC licensing.
So, founders should first determine how their platform works, what contracts it offers, and whether it falls under gambling or financial regulations before launch.
For developers and businesses, the safer approach is to build a customizable prediction market platform and obtain appropriate professional legal advice before offering real-money services in Hong Kong.