Hong kong cryptocurrency law

hong kong cryptocurrency law

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cryptocurrenvy As explained in Q1, the or crypto-asset service providers such. The types of stablecoin-related activities incorporate a company under Hong fiat currencies including digital currencies issued by central banksto ensure stabilisation of the the SFO as well as certain closed-loop, limited purpose items. PARAGRAPHRepublished with the permission from December that ISS had updated. Does any law regulate crypto-assets is no specific legislation framework which regulates crypto-assets.

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Fcl crypto Please leave this field empty. PwC Hong Kong. It is also worth noting that when the proposed VASP regime takes effect, it will prohibit any person from actively marketing a regulated virtual assets activity or services associated with a virtual assets exchange to the Hong Kong public, unless licensed by the SFC. There is no obligation to declare cryptocurrency holdings when passing through Hong Kong Customs. Stablecoins Stablecoins are generally considered a subset of VAs and are also currently not legal tender in Hong Kong. A VATP which opts-in will need to be licensed by the SFC, and once licensed, a VATP will be required to adhere to licensing conditions including offering its services to professional investors only as well as other conduct requirements. Digital assets held for long-term investment purposes may be considered capital in nature, in which case their disposal would result in capital gains which are not taxable in Hong Kong.
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Under the rules, crypto exchanges are to maintain at all times no less than 5,, Hong Kong dollars ($,00) in capital, and at the end of. Under Hong Kong law. In a landmark decision, a Hong Kong court has for the first time ruled that cryptocurrency is �property� under Hong Kong law.
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Licensing Handbook for Virtual Asset Trading Platform Operators , which sets out detailed procedures on how to apply for a license as well as the relevant ongoing notifications and other applications required of them after obtaining a license. A licensed provider must, within one month after it becomes licensed, notify the SFC, by written notice, of the date on which its financial year ends. Records relating to CDD and transactions should be kept for at least five years from the date of transaction. This includes the:.