Tax Breaks for Cryptocurrencies in Hong Kong: New Horizons

user avatar

by Giorgi Kostiuk

2 years ago

The Hong Kong government plans to include virtual assets in a new set of tax concessions aimed at attracting institutional investors and expanding investment opportunities.

Expanding Tax Concessions

Besides virtual assets, the proposed tax breaks could apply to non-corporate private companies, emission derivatives, and interests in such companies. This expansion could foster market development. Currently, Hong Kong offers tax concessions mainly to privately offered funds and family-owned investment vehicles.

Regulatory Updates

In addition to tax incentives, regulatory updates are planned for stablecoin issuers, OTC trading services, and custodians. The goal is to create a robust regulatory environment for virtual assets. Currently, Hong Kong offers zero tax on interest for private equity managers and a 16.5% tax exemption on profits from crypto activities.

Partnerships and Innovations

Circle has partnered with Hong Kong Telecommunications to explore blockchain-based loyalty solutions. According to Jeremy Allaire, this collaboration will unlock blockchain technology potential for valuable customer interactions.

This collaboration is a testament to our commitment to helping businesses unlock the potential of blockchain technology to create value-driven customer experiences, redefining loyalty programs and providing merchants with the tools they need to thrive in the digital economy.Jeremy Allaire

Hong Kong actively develops its cryptocurrency sector with new tax breaks and regulatory updates, making it an attractive hub for investors and innovation.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Broadridge and Dinari Integrate Proxy Voting for Tokenized Stocks

Broadridge and Dinari have integrated their systems to allow eligible holders of Dinaris dShares to exercise voting rights through established proxy voting infrastructure.

user avatarTando Nkube

Google Launches TPU 8tx and TPU 8i Max AI Systems to Challenge Nvidia

Google has launched TPU 8tx and TPU 8i Max AI systems to enhance privacy and memory capabilities, aiming to compete with Nvidia.

user avatarKofi Adjeman

Nvidia's Stock Plummets Amid Scandal and Google’s AI Chip Launch

Nvidia's stock has dropped significantly following CEO Jensen Huang's admission of an extramarital affair, coinciding with Google's announcement of new AI chips.

user avatarNguyen Van Long

FATF to Review Jurisdictions with Weak Virtual Asset Oversight

The Financial Action Task Force (FATF) will review jurisdictions with longstanding shortcomings in virtual asset regulation to identify necessary actions for the upcoming plenary.

user avatarSatoshi Nakamura

Stellar Development Foundation Makes Strategic Investment in Marketnode

On October 29, the Stellar Development Foundation announced a strategic investment in Marketnode to enhance institutional access to tokenized investment products in the Asia-Pacific region.

user avatarJesper Sørensen

Tokenization Efforts in Wall Street Face Challenges

Tokenization efforts on Wall Street face challenges as major companies opt out, highlighting volatility and illiquidity in the market.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.