Hong Kong’s ambition to become a global hub for digital assets received a big boost this week when the city-state’s Treasury announced proposed tax breaks for the sector.
In his speech at Hong Kong Fintech Week, Treasury Secretary Christopher Hui noted that blockchain, digital assets, and AI are central to Hong Kong’s fintech ambitions. To boost adoption, the government intends to introduce tax concessions for digital assets as part of a broader move to revive the city’s fintech sector.
“Hopefully, by expanding the availability of tax concessions to this wider scope of assets eligible under our fund regime and our family office regime, we will be able to add that extra impetus and pull to this market on their development front,” Hui told the attendees.
Hui, who took over the Treasury docket in 2020, didn’t reveal any details about the looming tax breaks. However, they will mainly target institutional investors and are expected to be implemented by the …