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    Home ยป With New Licensing Cryptocurrency Companies Begin Return to Hong Kong
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    With New Licensing Cryptocurrency Companies Begin Return to Hong Kong

    By adminJul. 1, 2024No Comments2 Mins Read
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    With New Licensing Cryptocurrency Companies Begin Return to Hong Kong
    With New Licensing Cryptocurrency Companies Begin Return to Hong Kong
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    Cryptocurrency companies have achieved great success in Hong Kong. After relocating operations to Singapore for several years, many enterprises are now refocusing on this Asian metropolis, reflecting renewed confidence in Hong Kong’s cryptocurrency market.

    As the 27th anniversary of Hong Kong’s return to China approaches, its financial sector is experiencing significant growth, with the government aiming to establish Hong Kong as a global cryptocurrency hub.

    Since setting this goal in 2022, Hong Kong has hosted numerous conferences on digital economy, attracting top industry leaders. Hong Kong’s tax system is a major draw for investors. Unlike countries such as Japan and Australia, Hong Kong offers a more favorable tax environment.

    Exemption from capital gains tax means global investors can achieve better returns. Japan’s general tax rate can reach 50%, while Australia’s is 40%. This tax relief makes Hong Kong an attractive destination for cryptocurrency investment.

    “Hong Kong has enormous advantages in the development of virtual asset markets,” shared Jay Hao, CFO of OSL Group.

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    How will Donald Trump’s victory affect the US market?

    Government policies such as the licensing and regulation of platforms launched last year have boosted confidence among global investors, attracting a significant return of talent and tech companies to the city.

    Additionally, Hong Kong has actively developed tokenized securities and stablecoins. Last year, the Hong Kong Monetary Authority (HKMA) issued an 80 billion Hong Kong dollar tokenized green bond, which received industry acclaim. The Monetary Authority has also established a stablecoin issuance institution, garnering widespread attention.

    Efforts by 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 physically-backed cryptocurrency ETFs was launched.

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