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    Home ยป Crypto Companies Return to Hong Kong Amid New Licensing Regulations
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    Crypto Companies Return to Hong Kong Amid New Licensing Regulations

    By adminJul. 1, 2024No Comments2 Mins Read
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    Crypto Companies Return to Hong Kong Amid New Licensing Regulations
    Crypto Companies Return to Hong Kong Amid New Licensing Regulations
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    Crypto companies are returning to Hong Kong with great force. After relocating their operations to Singapore for several years, numerous enterprises are now turning back to the Asian metropolis, reflecting confidence in the Hong Kong crypto market.

    As the 27th anniversary of Hong Kong’s return to China approaches, its financial sector is experiencing significant growth, and the government has committed to establishing Hong Kong as a global crypto center.

    Since setting this goal in 2022, Hong Kong has hosted numerous conferences on the digital economy, attracting industry leaders.

    One major attraction for investors is Hong Kong’s tax system. Unlike countries like Japan and Australia, Hong Kong offers a much more favorable tax environment.

    The absence of profit tax on assets means better returns for global investors. In Japan, overall tax rates can reach 50%, and in Australia, 40%. This tax relief makes Hong Kong an attractive destination for crypto investments.

    “Hong Kong has significant advantages in the development of the virtual asset market,” said Junbang, Chief Financial Officer of OSL Group.

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    Government policies, such as the supervision of licensed platforms implemented last year, have increased the confidence of global investors. This has led to the growth of talent and technology companies returning to the city.

    Additionally, Hong Kong has shown activity in the development of tokenized securities and stablecoins.

    Last year, the Hong Kong Monetary Authority (HKMA) generated 800 million Taiwanese dollars in tokenized green bonds – a move that was well received by the industry. The HKMA also created an issuer of stablecoins, generating significant interest.

    Collaborative efforts between the Hong Kong Stock Exchange and the Securities and Futures Commission have led to the introduction of new products. For example, in April of this year, the first batch of spot crypto ETFs was launched.

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