Hong Kong Unveils AI Finance Policy, Plans Crypto Tax-Free Gains and More Exchange Licenses by End of 2024

Oct 28, 2024, 05:43 AM

Hong Kong has unveiled its first policy guidelines dedicated to the use of artificial intelligence in finance and is considering tax breaks for virtual assets, including tax-free gains, as part of efforts to promote itself as an Asian business center. The government expects to license more digital-asset exchanges by the end of 2024 after completing a five-month inspection period, with three platforms already licensed. Officials are proposing tax incentives for sophisticated crypto investors and are rolling out policies to attract more digital asset investments. The city's Treasury chief confirmed plans to issue more crypto exchange licenses and implement tax perks to boost the digital asset sector, focusing on stability and growth.