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Home News Crypto

Hong Kong Explores Crypto Regulation Updates Amid Global Industry Shifts

12 December 2024
in Crypto, News, Regulation
Reading Time: 2 mins read
107 2
source: beincrypto.com

source: beincrypto.com

Hong Kong is intensifying discussions on updating its cryptocurrency regulations to stay current with the fast-changing global industry.

A proposal presented during the Legislative Council meeting on December 11 highlights the urgency for the city to adapt to the rising volume of crypto investments worldwide.

In his written statement, Acting Secretary for Financial Services and the Treasury Joseph Chan recognized the potential of the virtual assets sector to drive financial innovation. However, he noted the complexities this sector adds to the financial system and reaffirmed Hong Kong’s commitment to international standards. Chan emphasized the city’s important role in shaping global cryptocurrency regulations but did not specify a timeline or strategy for updating these rules.

Some legislators have proposed a more comprehensive strategy, considering establishing a dedicated department or commissioner to oversee cryptocurrency policy. This proposal reflects global trends in managing the increasing impact of digital assets.

The discussion about whether cryptocurrencies, such as Bitcoin, should be part of Hong Kong’s fiscal reserves is ongoing and has not yet concluded. Chan clarified that while the city’s Exchange Fund does not currently include crypto-assets as part of its investment strategy, external managers may hold a small percentage of these assets during their operations.

Meanwhile, The city is strengthening its status as a leading offshore financial hub by implementing tax exemptions for private equity funds, hedge funds, and high-net-worth investors. These exemptions apply to profits from cryptocurrencies, private credit, and alternative assets, significantly increasing Hong Kong’s appeal to global asset managers. According to the Financial Times, a 20-page government proposal highlights the crucial role that tax policies play in attracting asset managers. The government is expanding exemptions to cover private credit, overseas property, and carbon credits, and a six-week consultation period is underway to gather feedback from stakeholders and refine the framework.

 

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