The post Hong Kong Plans To Follow Donald Trump To Exempt Crypto Tax appeared on BitcoinEthereumNews.com.

Hong Kong plans to exempt crypto tax for private equity funds, hedge funds, and other investment vehicles for high-net individuals (HNIs). This move comes as it seeks to attract foreign capital and establish itself as a finance and cryptocurrency hub in the Asia region. Interestingly, this announcement comes as Donald Trump plans to give a huge boost to the US crypto industry, with his team planning exemption on crypto taxes. Hong Kong to Exempt Crypto Tax Like Donald Trump? The Hong Kong (HK) government stated that crypto tax is one of the key considerations for asset managers looking to base their operations in the region. Thus, this move will help them build a “conducive environment” to attract more capital flows and investments. Over the past two years, the Chinese territory’s government has undertaken key measures to establish itself as a hub for all crypto activities. The development comes at a time just as the Donald Trump administration is working on crypto-friendly policies by appointing crypto-friendly lawmakers. Thus, the crypto industry is likely to get a major boost with crypto tax being a key consideration in it. Reportedly, Donald Trump eyes crypto tax exemption once he resumes office in January. If enacted, HK’s new crypto tax exemption measures would offer “certainty” to family offices and investors, according to Patrick Yip, vice chair and international tax partner at Deloitte China. He added: “This is an important step in boosting Hong Kong’s status as a financial and crypto trading hub”. Some family offices in the city currently allocate up to about 20 per cent of their portfolio to digital assets, which is “not insignificant”. Other countries across the world are also taking measures to attract crypto capital. Two weeks before, Italy reduced its cryptocurrency taxes to 28% from the proposed 42% earlier. On Path…

---

Filed under: News - @ November 28, 2024 9:20 am