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Consideration of Tax Exemption for Institutional and Family Office Virtual Asset Income

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Suehyeon Lee
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  • The Hong Kong government has announced that it is discussing tax exemptions for virtual asset investment income from institutions and Family Offices.
  • The Hong Kong government has stated that it is advancing a bill to elevate its position as a financial and virtual asset trading hub.
  • Some Family Offices are subject to about 20% of their virtual assets being taxed, and this movement is considered important.
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  • The article was summarized using an artificial intelligence-based language model.
  • Due to the nature of the technology, key content in the text may be excluded or different from the facts.

The Hong Kong government is reportedly discussing tax exemptions for virtual asset (cryptocurrency) investment income from institutions and Family Offices. According to the Financial Times (FT) on the 28th (local time), the Hong Kong government recently announced a proposal stating that it is "discussing tax exemptions for virtual asset investment income from entities such as Samo Fund, Hedge Fund, and Family Offices." According to the proposal, virtual assets are included in the expansion plan of the existing financial investment income tax exemption, and the Hong Kong government is conducting consultations on the plan for six weeks. Regarding this, Patrick Ip, Deloitte's vice chairman, said, "Some Family Offices in Hong Kong are subject to about 20% of their virtual assets being taxed. This bill is an important step to elevate Hong Kong's position as a financial and virtual asset trading hub."

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shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.