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

New York Life Investment Management Partners with Centrifuge for On-Chain Bond Strategy

New York Life Investment Management has partnered with Centrifuge to tokenize a US high-yield corporate bond strategy on the Avalanche blockchain, allowing institutional buyers to use USDC for subscriptions and redemptions.

user avatarLeo van der Veen

ShredPay Partners with Jack Henry to Enhance Digital Asset Integration

ShredPay partners with Jack Henry to enable banks and credit unions to access stablecoin and digital asset services.

user avatarLi Weicheng

Strive Increases Bitcoin Holdings to 26,355 BTC

Strive has disclosed a purchase of 1,355 BTC, raising its total Bitcoin holdings to 26,355 BTC.

user avatarAisha Farooq

Broadcom Set to Gain from Alphabet's Custom TPU Sales

Broadcom is set to benefit from Alphabet's decision to sell custom TPUs to external data centers, enhancing its AI semiconductor revenue through a long-term agreement until 2031.

user avatarBayarjavkhlan Ganbaatar

Alphabet Enters Hardware Market with Custom TPUs for Data Centers

Alphabet announces the sale of its custom-made Tensor Processing Units (TPUs) to external data centers, marking a significant move into hardware sales.

user avatarTenzin Dorje

CoinsBee and TRON DAO Launch Discount Campaign for USDT Payments

CoinsBee, in collaboration with TRON DAO, is launching a campaign that offers eligible users a 2% discount on purchases made with USDT on TRON.

user avatarMohamed Farouk

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.