Bitcoin in Hong Kong

Hong Kong and Bitcoin

Hong Kong and cryptocurrency have a rather turbulent affair in that Hong Kong is clear and accepting of the cryptocurrencies but the governing aspects around Hong Kong aren't so keen to approve. Being the busy and approved digital nomads hub, Honk Kong would be expected to easily accommodate Crypto.

On the island of more than 7 million people, huge trading volumes have been observed both physical and virtual. Bitcoin is exempt from taxes both capital gain and value added on a personal gain scale. On a business gain scale, income tax still applies.

The Bitcoin association of Hong Kong find regulations around bitcoin to be simple and clear. Bitcoin is recognised only as a virtual currency and not legal tender as it is not recognised and unregulated by existing financial watchdogs. Being a free port, cryptocurrencies get a light pass from regulations.

As China got stricter on cryptocurrencies regulations, lawmakers and brokers called for stricter regulations on Bitcoin in the free port. Banks in Honk Kong doesn't seem to have the same light view on Bitcoin as the government. Several crypto related accounts had been frozen, these included that of Gatecoin. All attempts to right the possible misunderstanding failed.

The big banks claim that they have little appetite for crypto also noting that only about 5% of new business account are rejected.

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