Hong Kong Cryptocurrency Law

Hong kong cryptocurrency law

· Hong Kong Amends Crypto Law to Regulate All Exchanges. Cryptocurrency regulation in Hong Kong is undergoing changes. The Securities and Futures Commission (SFC) is reportedly introducing a new. · The Hong Kong government last week launched a consultation on the proposed new rules, aiming to strengthen anti-money laundering and counter-terrorist financing regulation.

The consultation includes the introduction of a licensing regime for virtual asset services providers; a registration regime for dealers in precious metals and stones, and some technical amendments under Author: Paul Haswell. In general, there is no capital gains tax payable from the sale of financial instruments in Hong Kong.

Hong kong cryptocurrency law

That being said, any Hong Kong-sourced income from frequent cryptocurrency trading in the ordinary course of business may be treated as income in case of individual clients, and profits in case of a corporation, and subject to income tax and profits tax, respectively, regardless of whether.

· Even if cryptocurrency is treated as “wages” under Hong Kong law, if the exchange rate of cryptocurrency to fiat currency fell to a point which would convert to an amount which fails to meet minimum wage requirements, employers may incur potential legal liability.

Tax treatment. Hong Kong is famous for its low tax qpfr.xn----dtbwledaokk.xn--p1ai: ONC Lawyers. · Hong Kong, rule of law and the free market.

Updated: version history. In general, Hong Kong has a reputation as a reliable and predictable non-interventionist regulator. Most rules are clearly laid out and easy to comprehend and follow for people with little legal training (like me). · Hong Kong / Law and Crime Romance and cryptocurrency: lovelorn Hongkongers taken for tens of millions by new hybrid scam, police sources say Hong Kong woman conned out of HK$28 million in Author: Clifford Lo.

A number of ICOs have been launched in Hong Kong, for example Block One and OpenANX. It is expected that over the next six months about 10 to 20 companies will issue ICOs in Hong Kong.

The legal status of cryptocurrencies and ICOs in Hong Kong as elsewhere is somewhat of a grey area. Charltons Hong Kong law firm is one of the leading Hong Kong corporate finance practices, The SFC sent letters to seven cryptocurrency exchanges in Hong Kong notifying them that they should not trade cryptocurrencies which are securities as defined under the SFO unless they are licensed by the SFC.

· Laney Zhang Foreign Law Specialist SUMMARY In Hong Kong, virtual currencies are not considered legal tender but are virtual commodities. Hong Kong’s Securities and Futures Commission (SFC) has clarified that virtual assets falling under the definition of “securities” are subject to the SFC's regulation. More recently, in Novemberthe. · Benedicte Nolens, head of compliance for Europe and Asia at Circle, a US cryptocurrency financial services firm that runs an over-the-counter cryptocurrency trading desk in Hong Kong, welcomed the.

· As the law relating to cryptocurrency develops, it may not be a long way before salary payments in cryptocurrency becomes the norm in Hong Kong.

Hong kong cryptocurrency law

ONC Lawyers - Joshua Chu and Dominic Wai Back Forward. HONG KONG, Nov 3 (Reuters) - Hong Kong will require all cryptocurrency trading platforms to be regulated whether or not they trade securities, the city’s securities watchdog said on Tuesday.

· Regulators in Hong Kong are set to expand the parameters for monitoring and overseeing the activities of crypto exchanges in the city. While mainland China continues to suppress cryptocurrency trading platforms, Hong Kong has historically been receptive to virtual currency exchange businesses as long as they adhere to laid down rules and regulations. Hong Kong is one of the most developed financial centers in Asia and it is fast evolving as a preferred location to start a cryptocurrency qpfr.xn----dtbwledaokk.xn--p1aihain and cryptocurrency investment firms have entered the market and the city has a large number of investors interested in these fields that represent the evolution of the financial sector.5/5(2).

Hit by cryptocurrency curbs, Chinese fund managers look ...

The cryptocurrency industry has lacked a regulatory consensus and framework to ensure safe trading. While the landscape has typically been fragmented, it is encouraging to see Hong Kong take the steps to establish a mainstream-like environment for participants looking to trade crypto.

“That said, the conversation is far from qpfr.xn----dtbwledaokk.xn--p1ai: Richard Kastelein. Hong Kong will regulate all cryptocurrency trading platforms operating in the financial hub, the city's markets watchdog said on Tuesday, changing its previous "opt in" approach.

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SFC To Regularize Hong Kong Cryptocurrency Exchange Scene. According to Reuters, Hong Kong’s Securities and Futures Commission (SFC) is ready to introduce a regulatory framework for cryptocurrency exchanges in the city. Speaking at a fintech conference on Wednesday (November 6, ) in Hong Kong, Ashley Alder, head of the SFC remarked. As it turns out, the Hong Kong special administrative region has now formalized regulations with an aim of protecting investor interest in light of the drop in Bitcoin prices and potential frauds.

One of the easiest ways to buy Bitcoin in Hong Kong is through cryptocurrency exchanges. 2 days ago · The law has been condemned by the West and human rights groups as a tool to crush dissent.

Hong kong cryptocurrency law

Authorities in Hong Kong and Beijing say it is vital to. Hong Kong to tighten cryptocurrency rules Digital coins to come under SFC oversight Under Hong Kong's new regulations, companies will be allowed to issue ICO's on tokens that have existed for over.

Hong kong cryptocurrency law

Hong Kong’s Securities and Futures Commission (SFC) has introduced a new framework to regulate the digital asset exchanges operating under its jurisdiction. Hong Kong is the base of many major cryptocurrency exchanges, but they are currently not regulated by the financial regulator, as digital assets do not fall under the category of securities. Crypto Market Trade regulation in Hong Kong is undergoing changes.

The Securities and Futures Commission (SFC) is reportedly introducing a new licensing system to regulate all crypto exchanges operating in Hong Kong. Hong Kong’s New Crypto Regulation The CEO of the SFC, Ashley Alder, talked about implementing a new cryptocurrency regulatory framework at Hong Kong [ ]. Hong Kong’s securities watchdog is to treat cryptocurrency trading platforms like traditional brokers if they offer security tokens, according to its second round of regulatory guidance for the.

· Hong Kong’s new security law has made many unsure of the future. If you own a company incorporated in Hong Kong, you are likely wondering. In Hong Kong, the use of Cryptocurrency is not as prevalent as in countries such as Japan and the United States. The monetary authority named cryptocurrency as “virtual commodities” and the governing ordinances mostly comprise of the Sale of Goods Ordinance (Cap) and the Trade Descriptions Ordinance (Cap).

Hong Kong to Regulate All Crypto Exchanges | BTCMANAGER

According to Dovey Wan, founder at Primitive Ventures, the Hong Kong Securities and Exchange Commission (SEC) is set to release a crypto exchange application guideline. Wan said: “Hong Kong SEC will announce detail in about an hour regarding cryptocurrency exchange application criteria.

Considering Huobi has already backdoor listed on HKex, this will definitely play them a huge favor to. International law firm and corporate services provider; Headquartered in Singapore, the leading global cryptocurrency hub; Offices in Singapore and Hong Kong; Exclusive focus on legal, trust and tax services for the blockchain/crypto industry, successful entrepreneurs and high net worth private clients.

2 days ago · HONG KONG (Reuters) -Hong Kong democracy activist and media tycoon Jimmy Lai has been charged under the city's national security law on suspicion of. Hong Kong is an active leader in such positions as the size of the economy and occupies an honorable ninth place.

The fifth place Hong Kong is awarded for external assets in banking structures, which is indicated by the volume in the global understanding. CRYPTOCURRENCY IN HONG KONG AND ITS LEGAL REGULATION. · The U.S. Senate passed the Hong Kong Autonomy Act on Thursday to penalize China for eroding Hong Kong’s autonomy. The bill is in response to a new national security law. 2 days ago · Apple Daily was founded in by media tycoon Jimmy Lai, who was arrested on Aug.

10 by the Hong Kong police on charges of violating the new controversial national security law. · Cryptocurrency regulation in Hong Kong is undergoing changes. The Securities and Futures Commission (SFC) is reportedly introducing a new licensing system to regulate all crypto exchanges operating in Hong Kong. Hong Kong’s New Crypto Regulation The CEO of the SFC, Ashley Alder, talked about implementing a new cryptocurrency regulatory framework at Hong Kong Fintech.

· According to the law in Hong Kong, there is no foreign exchange control policy. Cryptocurrency exchanges, as well as Bitcoin ATMs in Hong Kong, do not fall under the types of businesses for which a Monet Service Operator License is required.5/5(4). · Chinese cryptocurrency asset managers hope to avoid an intensified crackdown at home by expanding in places such as Hong Kong and Singapore.

Cryptocurrency-focused hedge funds enjoyed hefty gains. · Hong Kong has maintained a friendly relationship with cryptocurrency companies setting up in its region so far. However, this cordial relationship appears to be nearing an end as Hong Kong.

· SHANGHAI/HONG KONG: As the price of bitcoin soars, Chinese cryptocurrency asset managers are looking to expand in places such as Hong Kong and Singapore, skirting an intensified crackdown at home.

Cryptocurrency-focused hedge funds have grown assets under management and registered hefty gains this year thanks to bitcoin’s recent surge to over.

Hong Kong Slams Door on Retail Trading — Plans to Regulate ...

· Nigel Smith of Colliers International says that the national security law is "creating a lot more questions" for firms in Hong Kong and some will be looking at their real-estate footprint in the. As the price of bitcoin soars, Chinese cryptocurrency asset managers are looking to expand in places such as Hong Kong and Singapore, skirting an intensified crackdown at home. Cryptocurrency. Our founding partner Mr. Henry Yu has written the Hong Kong chapter providing insight and analysis of issues including government attitudes and definition, cryptocurrency regulation, sales regulation, taxation, money transmission laws and anti-money laundering requirements, promotion and testing, ownership and licensing requirements, mining.

The Cyprus Securities and Exchange Commission (CySEC) last week issued its first regulations regarding cryptocurrency. The new rules laid down in Circular C are designed to ensure that Cyprus Investment Firms (CIFs), make provision to cover investments in cryptocurrencies (the regulations do not distinguish among them), and that risks involving cryptocurrencies are managed properly.

· This month, Babel Finance, a Hong Kong-based cryptocurrency financial services provider founded by Chinese entrepreneur Flex Yang, applied for an asset management license in the city, Yang said.

Henry Yu - SFC regulations and Bitcoin (Hong Kong crypto exchanges)

A license in the Asian financial hub would help Babel become a "gateway" between traditional financial institutions and crypto investing, said Yang.

2 days ago · HONG KONG — Hong Kong pro-democracy activist and media tycoon Jimmy Lai has been charged under the city's national security law, amid a widening. Seasoned company builder based in Hong Kong, 2x from $0 to $m in revenue and 2 exits. CEO at Ensogo, Founder at BEECRAZY (sold for US$21mm to iBuy Group in ). Rafael Melo. In Hong Kong, cryptocurrency is considered as a virtual commodity, and is not legal tender meaning that a cryptocurrency cannot be used as a medium of payment.

Hong Kong Cryptocurrency Regulation - Law Firm Hong Kong

It is therefore not regulated by the Hong Kong Monetary Authority or the Securities and Futures Commission (“SFC”). Some professionals in various fields commented on the new stance by Hong Kong’s regulatory body.

Daisuke Yasaku from the Daiwa Institute of Research stated that the region’s proposed regulation on cryptocurrency is a good move.

Hong Kong Cryptocurrency Law: Hong Kong Wants Cryptocurrency Trading Platforms To Be ...

However, Yasaku warned that regulations came at a high price.

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