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

Political Fallout from Ueno Bank Crisis in Paraguay

The Ueno Bank crisis has triggered significant political repercussions in Paraguay, including the resignation of President Santiago Peña and potential impeachment proceedings.

user avatarFilippo Romano

Greece Enhances Crypto Tax Transparency Measures

Greece will implement new reporting and documentation requirements for cryptocurrency purchases starting in 2027 to ensure funds come from declared income or lawful sources.

user avatarTomas Novak

Greece Introduces 10% Tax on Crypto Investment Profits

Greece introduces a 10% tax on individual crypto investment gains starting January 1, 2027.

user avatarEmily Carter

Gnosis Pay Implements Enhanced Security Measures Following Breach

Gnosis Pay has implemented enhanced security measures, including 3D Secure for online payments and increased fraud monitoring, following a data breach.

user avatarMaya Lundqvist

Gnosis Pay Reports Data Breach Affecting Customer Information

Gnosis Pay reported a data breach where hackers accessed customer information through its card system, prompting immediate containment measures.

user avatarKaterina Papadopoulou

Ueno Digital Bank Collapse Revives Bitcoin Self-Custody Debate

The collapse of Ueno Digital Bank in Paraguay has sparked renewed discussions about financial independence and self-custody of Bitcoin, highlighting both the benefits and risks associated with managing one's own assets.

user avatarLeo van der Veen

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.