🟦Hong Kong's Financial Services and Treasury Bureau proposed waiving capital gains tax on cryptocurrency investments to attract hedge funds and family offices.

🟦The tax exemption aims to broaden beyond traditional assets to cover virtual assets, overseas properties, carbon credits, and private credits.

🟦The government recognizes taxation as a crucial factor for wealth managers when choosing operational locations, thus promoting a favorable business environment.

🟦Hong Kong has positioned itself as Asia's largest hedge fund hub and ranks second globally in private equity fund capital.

🟦The region is home to over 2,700 single-family offices, many managing assets over $50 million, highlighting the significance of attracting these players.

🟦Hong Kong's crypto-friendly approach includes recent developments such as the launch of a retail cryptocurrency trading service by ZA Bank in partnership with HashKey Exchange.

🟦The proposed tax exemptions align with a positive market trend in the cryptocurrency sector, with $BITCOIN experiencing gains and a bullish outlook.

“We’re really waiting to see that exuberant move, and then we’ll look at that rotation of capital,” noted Swyftx lead analyst Pav Hundal.

Deposits and withdrawals are fully autonomous, without third-party intermediaries.

Some Coinbase users are airing frustration at the region’s MiCA laws, which is forcing the exchange to stop offering yield on USDC in the European Economic Area.