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20231004 Crypto Business Opportunities in Hong Kong – Tax and Regulatory Frameworks

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Programme Code:
20231004
Date:
04 十月 2023 (Wednesday)
Time:
6:30 pm - 8:00 pm
Speakers:

Mr Cyrus Chow, Partner, Crowe Tax Services (HK) Limited

Language:
Cantonese
Venue:
TIHK Office, 21/F, Kam Sang Building, 255-257 Des Voeux Road Central, Hong Kong
Proficiency Level:
Intermediate Level
Fee:
$150 – $200
CPD Hours:
1.5
Seat:
100
Event Categories:
,
Application Form:
20231004 Enrollment Form

Description

Hong Kong has recently given the green light for the retail trading of cryptocurrencies, marking a significant moment in the industry.  The “Policy Statement on Development of Virtual Assets in Hong Kong” issued by the Financial Services and the Treasury Bureau (“FSTB”) in October 2022 defines the regulatory framework and ecosystem regarding the local development of crypto asset businesses.  Along with the policy statement, a landmark court case in March 2023 formally legitimates the legal status of cryptocurrencies in Hong Kong.

The Securities and Futures Commission (“SFC”) has been engaged in the ongoing review and development of crypto asset businesses in Hong Kong.  As part of these initiatives, the rights and interests of individuals and corporate entities that participate in these trading/business dealings is one of the major areas that the SFC is placing a particular focus.

Multinational businesses which are considering the optimal location to set up their cryptocurrency trading businesses (e.g. initial coin offering) are wondering the new changes of the legal regulatory framework in Hong Kong in respect of virtual asset industry can bring benefits to their group’s long term development strategy.

 

In this seminar, the speaker, who is an experienced tax practitioner, will cover the following:

  • Introduction of the new regulatory frameworks of the cryptocurrency sector in Hong Kong.
  • Accounting treatments of cryptocurrency in Hong Kong.
  • Hong Kong Profits Tax treatments of the gain arising from disposal of crypto assets.
  • Overseas tax treatments regarding the disposal gain of crypto assets.
  • What is initial coin offering and will Hong Kong be a future hub in this area.
  • Interactive Q&A session.

Speaker Profile

Mr Cyrus Chow, Partner, Crowe Tax Services (HK) Limited

Prior to joining Crowe in Hong Kong, Cyrus worked for 2 international accounting firms. Cyrus has 16 years of experience in providing advices on a wide range of China, Hong Kong and international tax issues to multinational corporations and Hong Kong companies. He is experienced in pre-IPO tax planning, cross-border corporate tax planning, various tax reporting in Mainland China (e.g. tax reporting for indirect share transfer of PRC entities, tax-free merger application) and Hong Kong (e.g. amalgamation), Country-by-Country Reporting, advice on Foreign-sourced Income Exemption issues, tax due diligence for entities in Mainland China and Hong Kong.

Cyrus has provided advices to a number of multinational clients on inbound investment and tax strategies for repatriation.

Cyrus has handled numerous Master Files and Local Files, China transfer pricing contemporaneous documentations and transfer pricing benchmarking analyses, as well as transfer pricing advices on cross-border restructuring exercises. He is sophisticated in using transfer pricing database.

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