As part of its strategy to establish itself as a leading digital assets hub, authorities in Hong Kong are planning to grant tax exemptions for investment vehicles such as family offices on gains from cryptocurrencies.
According to a report by the Financial Times which references a 20-page proposal, the tax exemptions will also apply to gains from overseas properties, carbon credits, private credit, and other assets. The proposal, which is open to a six-week consultation, takes into account the role taxation plays for asset managers when considering a location for their operations.
These developments come at a time of a record-breaking crypto market rally, with increasing optimism from investors due to anticipated supportive policies from incoming US President, Donald Trump. Bitcoin set a new all-time high this week, surpassing $99,800.
