Hong Kong is poised to keep advancing as an Asian cryptocurrency hub, having recently made announcements seeking to cement the role of these as investments in the city. The Hong Kong Monetary Authority (HKMA) and the Treasury, offered new information regarding regulation and crypto taxes at the Hong Kong Fintech Week.

While the conversation mainly revolved around artificial intelligence (AI) and a new series of guidelines issued to apply this new tech into the finance industry, the Treasury stated that stablecoin regulations should be finalized by this year. In addition, authorities disclosed that a new crypto consultation and a review of over-the-counter (OTC) exchanges were planned for 2025.

Before, Securities and Futures Commission (SFC) CEO Liang Fengyi stated the institution expected the entire crypto framework to be ready by “at least next year.”

Read more: Hong Kong’s Crypto Framework Near Completion — 11 Platforms Awaiting Approval

Secretary for Financial Services and the Treasury Christopher Hui also hinted at a possible inclusion of cryptocurrency as part of the assets contemplated to enjoy tax breaks for family offices. This would incentivize these organizations to enter the cryptocurrency market.

Authorities also announced that they expect to issue new virtual asset trading platform (VATP) licenses for companies to operate in the city this year. The SFC has conducted on-site reviews for 14 applicants and offered recommendations on changes these must incorporate. They can receive a limited operative license after including these changes in their operational structure. For a permanent license, each company must also pass a third-party review.

The intensive regulation process has made some exchanges withdraw their application due to the stringent rules authorities uphold on these companies. Only three regulated and licensed crypto trading platforms currently operate in Hong Kong.

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