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The Hong Kong government is planning to exempt private equity funds, hedge funds and other investment vehicles for the ultra-high-net-worth individuals (HNIs) from cryptocurrency taxes.
The move is aimed at attracting foreign capital and strengthening Hong Kong’s position as a leading financial and cryptocurrency hub in Asia. Notably, the announcement comes as Donald Trump is also planning to aggressively promote the cryptocurrency industry in the US, including plans to exempt cryptocurrency-related transactions from taxes.
Hong Kong exempts cryptocurrency taxes, following in Donald Trump’s footsteps?
The Hong Kong government said that cryptocurrency tax policies are one of the important factors that asset managers consider when deciding to set up operations here. Therefore, the move is aimed at creating a “conducive environment” to attract capital inflows and larger investments.
Over the past two years, the Hong Kong government has taken significant steps to position itself as a global hub for cryptocurrency-related activities. This comes at a time when the Donald Trump administration is formulating pro-crypto policies, including appointing industry-friendly lawmakers.
As such, the crypto industry is expected to receive a major boost as the issue of crypto taxation becomes a key factor. According to reports, Donald Trump is looking to exempt crypto from taxation when he returns to power in January.
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